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Payette Lake Cabin Sites to Be Auctioned
Fourteen cottage site lots owned by the state at Payette Lake in McCall will be auctioned for deeded ownership to the highest bidder in September.
The State Board of Land Commissioners approved the Idaho Department of Lands’ request to include 12 currently leased lots with homes on them and two vacant unleased lots in an auction that will be held on September 27th, 2013, at the Hilton Garden Inn in Eagle. This is the largest auction for deeded ownership of state-owned lots since the Land Board had the IDL develop a plan in 2010 to remove the state ownership of most of the lots over time.
The State of Idaho owns the land, and it’s managed by the Land Board and IDL under a constitutional mandate to boost long-term revenues for public schools and other state institutions. The homes and other additions to the land are owned by private individuals who lease the land from the state.
The IDL is required by state law to get at least the appraised value of the land at the time of sale. The high bidder other than the current lessee will have to pay the appraised value of the personal property, which includes home and additions, on the land at the time of the auction. All of the lots sold will transition into private ownership upon close of escrow.
The state will sell off more than 500 cottage sites worth $200 million at Payette Lake and Priest Lake through a series of land exchanges and auctions over a period of time as the lots continue to be leased. Land exchanges will result in the State owning other land assets that generate higher financial returns than the cottage sites have in the past. Cash from land sales will be used to purchase other land assets or it will be invested to diversify and boost revenue sources to the beneficiaries.
Corbett Bottles Real Estate Auctions will coordinate the marketing of lots included in the auction. Of the lots to be auctioned, five are lakefront lots and the rest are upland from the lake. More information can be found at http://www.corbettbottles.com.