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State auctions Payette Lake cabin lots for $7 million

State auctions Payette Lake cabin lots for $7 million

Idaho Business Review
By: Teya Vitu
November 20, 2015

A fifth auction of state-owned cabin lots at Payette Lake on Nov. 13 netted the Idaho Department of Lands $6.98 million. The money from the auction will be distributed to State Hospital South, a psychiatric inpatient treatment center in Blackfoot, and to teacher education programs at Idaho State University and Lewis-Clark State College.

The auction at the Boise State University’s Stueckle Sky Center involved the sale of 20 lots, most of them with privately owned cabins. These auctions typically end up with cabin owners gaining ownership of the land under their buildings that many have leased for decades.

The two highest winning bids of $1.625 million and $1.215 million were for neighboring lots at 2060 and 2056 Payette Drive. The highest bid of the auction went for a 0.6735 acre lakefront property with structures, and the lower priced lot included a four-bedroom, four-bathroom house with a two-car garage.

The State Board of Land Commissioners, known as the Land Board, decided in 2010 to divest state ownership of state endowment trust land around Payette Lake and Priest Lake. This has resulted in five auctions so far at Payette that have sold 87 homes for $32.3 million, according to Land Department records.

The Idaho Department of Lands plans to auction more Payette Lake lots in the next two years with 24 slated for 2016 and three for 2017, Lands spokeswoman Sharla Arledge said.
Idaho Department of Lands auctioned two lots at Payette Lake in January 2011, 13 lots in October 2013, 21 lots in April 2014, 31 lots in January 2015 and 20 lots on Nov. 13. The department also auctioned off 59 lots at Priest Lake for $26.9 million in August 2014.

The lands were granted by Congress to Idaho at the time of statehood as endowment trust land held on behalf of beneficiaries, primarily public schools, which are entitled to the money raised in trust land sales.
“Since 2011, Idaho has sold 189 lots or more than a third of its leased cottage site lots at Priest Lake and Payette Lake,” Lands Director Tom Schultz said in a release. “The cottage site sales have generated more than $79 million for the endowment funds.”

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