The Idaho Department of Lands (IDL) sold seven commercial building lots last week for $1,560,500 at an auction in Meridian. The lots are located in Meridian.
All bids totaled $95,000 above the appraised price of the properties. There was competitive bidding on all seven of the properties that sold.
Three of the building lots were purchased by the Idaho State Police for a combined total of $682,500, or $10,000 above the appraised price. Four of the properties were purchased by the Meridian Rural Fire Protection District for a combined total of $878,000, or $85,000 above the appraised price.
The state is selling most of its commercial property and plans to invest must of the proceeds in timberland and farmland.
Recent state purchases of timberland in Benewah County have caused controversy. The county commissioner protested to the state land board that removing the property from the tax rolls adversely impacts the county.
After concerns were raised, the Idaho Land Board appointed a committee to study how the state should invest the $240 million it has raised from land sales.