The Idaho Department of Lands on Friday sold seven commercial buildings lots in Meridian at public auction for $1.56 million, and amid competitive bidding on all seven, all were purchased by either the Idaho State Police or the Meridian Rural Fire Protection District.
Five registered bidders participated in the auction; the total proceeds of $1,560,500 were $95,000 above the appraised price of the building lots, which served as the starting bid for each site. The bidding pushed every lot above the appraisal by between $2,375 and $25,000. The winning bids ranged from $211,500 to $238,875, according to the Department of Lands.
Four of the lots were purchased by the fire district, and three by ISP. Proceeds will go into the state endowment’s “land bank” for purchase of other properties that can generate income for the state endowment, which largely benefits public schools, or, if not used for that, to be deposited into the endowment’s permanent fund, whose investment earnings also generate funds for schools and other endowment beneficiaries, including universities, prisons and state mental hospitals.
All seven lots are located in Meridian at the intersection of East Watertower Street and South Stafford Drive.