I.F. property sold for $5.3 million in state public land auction
The Idaho Department of Lands sold five commercial properties, including one in Idaho Falls, Wednesday at an auction in Meridian.
The properties netted $8,490,000 which is about $1,585,000 above the appraised price of the properties. All of the properties had competitive bids.
The Idaho Falls property at 595 University Blvd. sold for $5,300,000 which was $125,000 above the appraised price.
Another Idaho Falls property included commercial buildings located at 961-965 E. Lincoln Road received no bids. Neither did four commercial lots in Meridian.
The other properties sold Wednesday included three downtown Boise parking lots. They sold for a total $1,590,000 which was about $670,000 above the appraised price.
According to the department, about 60 people attended the auction. 19 were registered bidders.
The Idaho Constitution requires a public auction for the disposal of state endowment trust lands and the department can accept no less than the appraised value of the properties.
The state Land Board voted in 2016 to auction most of its commercial properties.
Proceeds from the sale may be used to purchase other lands in Idaho, including timber or farm land, to improve long-term returns for the endowed beneficiaries, or directed to the permanent fund.
