Bidding spikes price for Priest Lake lot in auction

Another batch of lakefront lots on Priest Lake were sold at auction Saturday in Coeur d’Alene as part of a continuing effort by the Idaho Department of Lands to sell the land that was previously leased to families who built cabins on it.

There were 41 lots up for auction, but two lots didn’t get any bids, according to an Idaho Department of Lands news release. The current leaseholders bought 38 of the other lots, but one lot attracted someone who bid against the current lessee. The land was valued at $740,000 but sold for $1.1 million. The new owner must also pay the former lessee the appraised value of the cabin that sits on the land.

The Idaho Department of Lands started with 334 leased lots at Priest Lake and Payette Lake and so far has auctioned off 228 of them. Additional auctions are scheduled to be held.