Boise, ID – One parcel of Cougar Island at Payette Lake sold at auction today for $2,025,000 which is the appraised value for that parcel.
The Idaho Department of Lands (IDL) held an auction for the five parcel Cougar Island today along with two non-lake front parcels at Payette Lake for deeded ownership during a public, oral auction in Eagle. Only two of the 7 parcels auctioned sold, the Cougar Island leased parcel and one of the non-lake front parcels.
For Cougar Island there was only one active bidder with the winning bidder being the current lessee. He will have 30 to 60 days to close on the property with a possible 30-day extension.
In the meantime, IDL will evaluate the next step for the other parcels on the island. The goal remains maximizing the return on behalf of the endowment beneficiary.
The one non-lake property sold for $450,000, which is $50,000 above the appraised value.
The land sales today generated $2,475,000 for the endowment fund that supports Public School endowment beneficiaries.
No bidders signed up to use online bidding process.
The Idaho Constitution requires a public auction for the disposal of state endowment trust lands, and IDL can accept no less than the appraised value of the properties.
A list of the auctioned lots and winning bids is attached.
Photos and detailed information about each lot auctioned today is available at this link: https://corbettbottles.com/auction-of-cottage-sites-payette-lake-2022/
BACKGROUND
Under the direction of the State Board of Land Commissioners (Land Board), IDL manages more than 2.5 million acres of state endowment trust land under a constitutional mandate to maximize long-term financial returns to public schools and a number of other State of Idaho institutions. The Land Board is comprised of Idaho’s governor, secretary of state, attorney general, state controller, and superintendent of public instruction.
In 2010, the Land Board approved a plan to divest the state’s ownership of most cottage sites at both lakes over time. The Land Board authorized IDL to offer most of the remaining residential lake lots for auction through 2024. Additionally, IDL will be auctioning un-leased lots at both lakes.
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. In May 2016, the Land Board approved the Strategic Reinvestment Plan and will consider strategic acquisitions of timberland and, on a more limited basis, farmland with the proceeds from the sale of cottage sites and commercial properties.
Original source can be found here.
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