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PRIEST LAKE – The Idaho Department of Lands will hold a public auction Saturday for eight lots along Priest Lake.
The lots, which are endowment trust lands for Public Schools beneficiaries, have long been leased to families as locations primarily for summer cottages. While the land is only leased, any cabins built on it belong to the families.
Current leaseholders have applied to participate in the auction, according to the release. If leaseholders are outbid, the winner will have to pay them the home’s appraisal value.
The eight waterfront lots being auctioned all have Coolin addresses and are located at various locations along the eastern shore of Priest Lake. They have a combined appraised value of $10.9 million, according to a news release.
Per Idaho’s constitutional law, the lands must be sold via a public auction, which is set for 10:30 a.m. Saturday at the Best Western Plus Coeur d’Alene Inn.
The auction comes as the state has been disinvesting in the cottage lands and reinvesting in higher-earning properties since 2017 in a bid to increase returns for beneficiaries, according to previous Spokesman-Review reports.
