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State auctions off four Priest Lake cottage lots

The Idaho Department of Lands on Sept. 23 auctioned off four state-owned, lakeside cottage lots at Priest Lake for $1.9 million.

Two unleased lots with no homes were auctioned and the other two had homes but the cottage owners did not wish to buy the land and sold the buildings to the winning bidders, said Sharla Arledge, a Lands Department spokeswoman.

The recent auction in Coeur d’Alene is a continuing series of auctions to sell 523 state-owned cottage sites at Priest and Payette lakes by 2019. To date, 262 cottage site lots have sold with 145 lots at Priest Lake and 117 lots at Payette Lake, generating $112 million for the state’s Public School Endowments.

On leased lots, cottage owners voluntarily allow the auctions of the land they lease because they have a high probability of being the only bidder to gain ownerships of the cottage property. So far only one Priest Lake and four Payette Lake cottage owners have been outbid for their leased lots, Lands spokeswoman Emily Callihan said.

About Teya Vitu

Teya Vitu is an Idaho Business Review reporter, covering commercial real estate, construction, transportation and whatever else may intrigue him in the moment. Join me on Twitter at @IBR_TeyaVitu.