Idaho sells only 1 of 5 island parcels on Payette Lake

EAGLE, Idaho (KIFI) — Idaho officials on Wednesday sold only one of five parcels at an auction involving a 14-acre island in Payette Lake near the vacation and second-home town of McCall in west-central Idaho.

One parcel of Cougar Island at Payette Lake sold at auction for $2,025,000, which is the appraised value for that parcel.

The Idaho Department of Lands (IDL) held an auction for the five parcel Cougar Island along with two non-lake front parcels at Payette Lake for deeded ownership during a public, oral auction in Eagle. Only two of the 7 parcels auctioned sold, the Cougar Island leased parcel and one of the non-lake front parcels.

For Cougar Island, there was only one active bidder with the winning bidder being the current lessee. He will have 30 to 60 days to close on the property with a possible 30-day extension.

In the meantime, IDL will evaluate the next step for the other parcels on the island. The goal remains maximizing the return on behalf of the endowment beneficiary.

The one non-lake property sold for $450,000, which is $50,000 above the appraised value.

The land sales today generated $2,475,000 for the endowment fund that supports Public School endowment beneficiaries.

No bidders signed up to use online bidding process.

The Idaho Constitution requires a public auction for the disposal of state endowment trust lands, and IDL can accept no less than the appraised value of the properties.

A list of the auctioned lots and winning bids is attached.

Photos and detailed information about each lot auctioned today is available at this link: https://corbettbottles.com/auction-of-cottage-sites-payette-lake-2022/