Friday, August 29, 2014

59 Cabin Sites Net $26M For Idaho School Endowment Fund

Posted By on Fri, Aug 29, 2014 at 10:38 AM

Of the 59 Priest Lake cabin sites auctioned by the Idaho Department of Lands Thursday, 58 of the families who have been on those sites - some for as many as 40 years - were the winning bidders.  And only two of the sites had competitive bids. In the one instance where the winning bid came from someone other than the current lessee, the winner will have to additionally pay the lessee the market value of the cabin that is on the site.

IDOL officials said they took in more than $26 million from the auction.

This morning's Coeur d'Alene Press reports that nearly 500 people attended Thursday's auction at the Coeur d'Alene Resort.

To date, including Thursday's auction, Idaho has auction off 95 of the 534 cottage site lots at Priest Lake and Payette Lake in McCall. The Land Board has already approved another 36 lots at Payette Lake to be auctioned off later this year and another Priest Lake auction is expected in 2015.

The proceeds are funneled to an endowment fund that supports Idaho's public school system.

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