IDL auctions Teton County property for $5M
Coeur d'Alene Press | UPDATED 1 month, 3 weeks AGO
BOISE — The Idaho Department of Lands sold about 160 acres of endowment land at public auction in Ada County on Friday. The land was held in trust for the Charitable Institutions Endowment Beneficiary.
The property, known as the Driggs 160 parcel, is located on N 500 West, 3.3 miles north of Tetonia, in Teton County. One bidder participated, and the property was sold for $5 million, a press release said.
The Idaho Constitution requires a public auction for the sale of state endowment trust lands, and IDL can accept no less than the appraised value of the properties.
Upon transactions closing, funds from land sales are deposited in the “Land Bank” and may be used to purchase new endowment land in Idaho or may go into the Permanent Fund to continue earning returns for the endowment beneficiaries, the release said.
Since 2015, IDL has added about 54,000 acres to the endowment portfolio, and sold about 960 acres, including the sale Friday.