Forty-one lakefront cabin sites on Priest Lake will be auctioned off Saturday by the Idaho Department of Lands at the Coeur d’Alene Resort.
All of the sites currently have cabins on them, and are leased to the people who own the cabins; if someone else is the successful bidder, they’d have to pay the cabin owner for the appraised value of the improvements, in addition to paying the state for the lot.
The minimum bid price is the appraised value of the lot, which ranges from $300,000 to $740,000. There’s more information about the auction, bidding procedures and the properties online here: http://www.corbettbottles.com/auction-of-cottage-site/
Proceeds will go to Idaho’s school endowment. It’s the latest in a series of auctions the state has been holding since 2011 of state-owned cabin sites on Priest and Payette lakes. Since 2011, Idaho has auctioned off 189 of the cabin sites, 102 at Priest Lake and 87 at Payette Lake.
It’s planning to continue with the auctions, as the state endowment shifts out of residential cottage sites and commercial real estate to investments its consultants say will be more lucrative for the endowment, including timber land.
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