Idaho auctions Priest Lake lots above appraised value
COEUR D'ALENE, Idaho (AP) — Idaho officials have auctioned 51 state-owned lakefront lots on Priest Lake for $25.6 million.
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, four were purchased by someone other than the current leaseholder, 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 land in Idaho.
The auctions began amid concerns the state wasn’t getting fair-market value for the leases.
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