Idaho auctions Priest Lake lots for $25.6 million

Posted at 4:30 PM, Aug 28, 2018
and last updated 2018-08-28 18:30:38-04

Idaho officials have auctioned 51 state-owned lakefront lots on Priest Lake for $25.6 million.

Officials say the auction by the Idaho Department of Lands on Friday and Saturday brought in $625,000 over the appraised value.

Out of the 51 lots, 46 were purchased by current leaseholders, someone other than the current leaseholder bought four, and one of the lots was unleased.

Five of the lots drew competitive bidding, with one selling for $415,000 above its appraised value.

The state has now sold nearly 400 residential sites on Priest Lake and Payette Lake for about $177 million. State officials say the money will be used to purchase other lands in Idaho.

The auctions began amid concerns the state wasn't getting fair-market value for the leases.