Idaho auctions off $26.9 million in Priest Lake cabin sites

Idaho auctions off $26.9 million in Priest Lake cabin sites

Credit: National Geographic/Getty Images

Priest Lake State Park, Idaho. A fisherman at dawn tries his luck from the end of a pier.

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by ASSOCIATED PRESS

KREM.com

Posted on August 29, 2014 at 1:05 PM

COEUR D'ALENE, Idaho (AP) - The Idaho Department of Lands has auctioned off 59 Priest Lake cabin sites, taking in $26.9 million for the state's public school endowment.

Fifty-eight of the lease holders of state endowment land won in the bidding on Thursday at Coeur d'Alene Resort.

Most of the sites went for the appraised value, with just two drawing competitive bidding.

In one, the current lessee didn't bit as two prospective owners bid the price to $123,000 above appraised value.

In the other, the current lessee paid $9,000 above the appraised value to outbid another person.

One cabin site received no bids.

The auction is part of the state's effort to get out of the cabin-site renting business by selling the land.

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