State property auctions nets $3.8 million

Nine state-owned lots at Payette Lake were auctioned off to the highest bidder during an oral auction in Boise Friday.

The land sales generated $3,870,000. The funds are earmarked for an endowment fund that is used, in part, to support State Hospital South, Idaho State University, and Lewis-Clark State College.

The Idaho Department of Lands can accept no less than the appraised values of the properties.

All nine of the lots are currently leased and eight of them have homes on them. The auction was for land only.

The land is owned by the State of Idaho and the cabins and other improvements on them are owned by leaseholders as personal property. The current leaseholders applied to participate in the auction.

According to the Idaho Department of Lands, there was competitive bidding on four upland (not lakefront) lots. For two of the lots that had competitive bidding, someone other than the current lessee submitted the winning bid for the lot. The non-lessee winning bidders for those lots will pay the current lessee the appraised value of the home and improvements on the lots.

One of the lots that was won by a non-lessee went for $112,000 more than the appraised value of $88,000 for the lot. The other lot that was won by a non-lessee went for $124,000 more than the appraised value of $96,000 for the lot. The other two lots that had competitive bidding but were won by the current lessee went for $96,000 and $50,500 more than the appraised values of $74,000 and $82,000 for the lots, respectively. Competitive bidding resulted in upbids totaling $382,500 over the appraised value of the four lots.

You can see the specific auction results below.