News Desk

Lakefront Lots Gross $24.6 Million

Ten state-owned lots on Idaho’s Priest Lake sold for $24.6 million. The public auction by the Idaho Department of Lands was part of a 2010 initiative to offload state-owned cottages. Sales of seven of the lots involved competitive bidding and resulted in prices that exceeded appraised values by 134 percent. The top parcel sold for $9.8 million, 779 percent over appraised value. Three lots had a single bid. Since 2010, a total of 479 cottage sites have been sold by the Department of Lands for a total of more than $253.2 million. The Department of Lands invests proceeds from the land sales in other lands in Idaho, including timberland and farmland. Alternatively, the proceeds can go into a permanent fund to continue earning returns for endowment beneficiaries. Read more HERE.


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