Auctioned lots on northern Idaho lake sell for $7.8M - Spokane, North Idaho News & Weather KHQ.com

Auctioned lots on northern Idaho lake sell for $7.8M

Posted: Updated:
BOISE, Idaho -

The Idaho Department of Lands has auctioned 14 lots along Payette Lake for more than $7.8 million.
    
Officials said Friday that two of the lots had competitive bidding, where the current lessees lost to the winning bidders. Those lots sold for a combined $54,500 over appraised value - winning bidders must pay the lessees for the appraised value of their cabins and other improvements.
    
Proceeds from renting lakefront land had previously gone toward an education endowment, but disagreements over fair market value and getting a maximum return for the schools prompted the sales. The plan is to sell the state-owned residential cottage sites on Priest Lake and Payette Lake in northern Idaho by the end of 2019.
    
To date, 276 cottage sites have been sold - 145 lots at Priest Lake and 131 lots at Payette - for a total of approximately $120 million.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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