Idaho sells 7 properties for $17.3 million, will buy land

Idaho officials have sold seven commercial properties for $17.3 million as part of a plan to get rid of politically contentious commercial real estate and use the money to buy timberland and agricultural land that the state uses to generate revenue to fund schools.

The Idaho Department of Lands sold the properties on Thursday in an auction that officials said brought in $4.5 million more than the appraised value of the properties.

“I was surprised we got that much above the appraised value,” said Secretary of State Lawerence Denney, one of five members of the Idaho Land Board who previously approved the sale.

The commercial properties in the 2014 election became a political liability for some board members when challengers contended state-owned commercial property unfairly competes with private businesses.

Read more: http://www.idahostatejournal.com/news/local/idaho-sells-properties-for-million-will-buy-land/article_003f02c6-ca4a-591f-95c3-c0f488328f1d.html