Unique land auction in Caldwell could generate at least $6 million with competitive bids expected
BOISE, Idaho (KIFI) – Two side-by-side endowment land agriculture parcels amounting to 282 acres sit mostly unused adjacent to Caldwell’s Vallivue High School and Middle School. The parcels are in the direct path of growth in one of the fastest-growing counties in Idaho.
“This proposal makes sense because right now the land is no longer supporting the University’s research facility and the revenue generated from the farm lease is nominal,” said Josh Purkiss, Idaho Department of Lands Real Estate Services Bureau Chief. “With the current high demand for land, and the prime development nature of these parcels, this has the potential to be a very exciting auction for the endowment beneficiaries.”
Endowment lands are unique
At statehood, Idaho was granted endowment land for the sole purpose of financially supporting specific institutions. The parcels up for auction were designated to benefit the University of Idaho and are managed by the Idaho Department of Lands.
Reason for the auction
The University of Idaho has leased the parcels for agricultural purposes since the 1940s, but the University would rather have the property auctioned for residential development to generate greater revenue. The State Board of Land Commissioners agreed to the auction after determining that it would bring the highest financial return to the beneficiary.
Auction details
Both parcels are designated for low-density residential use in the City of Caldwell’s Future Land Use Map. Bidders must have $250,000 per parcel in cashier checks to qualify to bid at the auction. It will be held Friday, June 11, 2021 at 12:30 p.m. at the Marriott Courtyard, located at 1789 South Eagle Road in Meridian, Idaho. Details can be found at Corbett Bottles Real Estate Marketing.
