Idaho auctions 59 Priest Lake lots for $29 million - Spokane, North Idaho News & Weather KHQ.com

Idaho auctions 59 Priest Lake lots for $29 million

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PRIEST LAKE, Idaho -

The Idaho Department of Lands reports it auctioned 59 state-owned lakefront lots on Priest Lake on Friday and Saturday in Coeur d'Alene.

The land sales generated $29,066,040 for the endowment funds that support public schools.

 57 of the lots auctioned were leased and have cabins on the. The land is owned by the State of Idaho, and the cabins and other improvements on the land are owned by the leaseholders as personal property. The current leaseholders applied to participate in the auction. The auction was for land only on the leased lots.

55 of the leased lots auctioned were purchased by the current leaseholder. Two  of the leased lots auctioned were not purchased by the current leaseholder, but in those instances the current leaseholder did not bid on the lot.

Two of the lots auctioned were unleased. Another two unleased lots were offered for auction but received no bids.

 Including the most recent auctions, 335 cottage sites have been sold – 204 lots at Priest Lake (190 leased and 14 un-leased) and 131 lots at Payette Lake (115 leased and 16 un-leased) – for a total of $149,249,149 for the endowments. The funds from the land sales will be deposited in the “Land Bank” and used to purchase other lands in Idaho or they may go into a Permanent Fund, in order to continue earning returns for the endowment beneficiaries. 

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