With a complex auction coming up Thursday for 59 state-owned lakefront cabin sites on Priest Lake, the state Department of Lands has released a fact sheet about how the whole thing will work; you can see it here. Among the highlights: The 59 lots – down from the 62 announced in July, as several have dropped out – have been divided randomly into four groups, with a quarter assigned to each, and groups have been scheduled for auction at 1 p.m., 3 p.m., 5 p.m. and 7 p.m. Each group is expected to take less than an hour.
Anyone who’s not the existing lessee and wants to bid on one of the lots must submit a $50,000 cashiers check ahead of time; if that person is the successful bidder, that $50,000 will be credited against the cost of the improvements on the property, for which the winning bidder must pay the existing lessee at appraised value. Existing lessees don’t have to put up the $50,000 because they already own the improvements. There also are various fees that the winning bidder will have to pay.
The auction, which follows two earlier ones of state-owned cabin sites at Payette Lake, comes as the state Land Board has decided to get the state out of the business of renting lake lots on which people build and own their cabins, leading to years of battles about the appropriate fair-market rent to charge for the ground under the cabins. It’s the first of what’s expected to be a series of auctions for Priest Lake lots. Proceeds from the auction will go to Idaho’s public school endowment fund. This initial group consists of lots whose lessees had attempted to join land exchanges that were cancelled; they voluntarily agreed to the auction instead.
The auction will be for the lots, not including the value of the buildings on them. Starting bids are set at the appraised value, which ranges from $200,000 to $665,000. Information on all the properties is online here; the terms and conditions of sale are online here. The auction starts Thursday at 1 p.m. Pacific time at the Coeur d’Alene Resort.