Unique endowment land auction brings in a sale price of $35.2 million

BOISE, Idaho (KIFI) – Two adjacent agriculture college endowment parcels amounting to 282 acres adjacent to Caldwell’s Vallivue High School and Middle School sold Friday for $35.2 million, plus a buyer’s premium of $1,408,000 with a total cost to the buyer of $36,608,000.

The parcels are in one of the fastest-growing counties in Idaho and were expected to bring in competitive bids above the minimum appraised value of roughly $6 million. There were 12 bidders. The winning bidder was Endurance Holdings, LLC who bought both parcels, which are designated for low-density residential use in the City of Caldwell’s Future Land Use Map.

Reason for the auction

 The University of Idaho has leased the parcels for agricultural research purposes since the 1940s, but the University recently sold the training facility adjacent to the land. The preference was to reinvest in land that will facilitate a new Center for Agriculture, Food and the Environment (CAFE) located in the Magic Valley. The State Board of Land Commissioners agreed to the auction after determining that it would bring the highest net sales proceeds to the beneficiary. At statehood, Idaho was granted endowment land for the sole purpose of financially supporting specific institutions.

“This auction was incredibly valuable because the land was no longer supporting the University’s research facility and the revenue generated from the farm lease on the land was nominal,” said Josh Purkiss, Idaho Department of Lands Real Estate Services Bureau Chief. “It was the right time to sell this land in the best interest of the endowment beneficiaries.”