Idaho Department of Lands Sells 10 Priest Lake Lots for $24.6 Million

The Idaho Department of Lands announced Aug. 16 that the state sold 10 lakefront lots owned by an endowment on the shores of Priest Lake for nearly $24.6 million in a sale to public auction that allowed remote bidding, according to a press release from the Lands Department.

The price of the lots added up to $14 million above the appraised value. A plot was purchased for $9.8 million, or 779% more than the appraised value, according to the press release. Three of the properties were tendered while the others were competitive, resulting in an overall increase of 134% over the appraised value of the seven lots put up for tender.

In 2018, the Department of Lands sold 51 state-owned lakefront lots for $25.6 million, or $625,500 more than appraised value, according to a 2018 Lands Department press release.

The State Board of Land Commissioners approved a plan in 2010 to sell state-owned cottage sites at Priest Lake and Payette Lake through auction through 2024 to invest in buying other land in Idaho, including forest land and farmland, according to the release.

A total of 325 Priest Lake lots have been sold in addition to Payette Lake’s 154 lots for a total of over $253.2 million in endowment since plan approval.

Money from sales will go into a land bank where it can be used to buy new endowment land or could go into a permanent fund to continue to generate income for endowment recipients.

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