Idaho state endowment buys $42M worth of timberland in N. Idaho
BOISE — The Idaho Department of Lands on Thursday announced a major purchase of timberland in North Idaho, adding 32,160 acres in five counties to the state endowment’s timberland portfolio.
The endowment is using money earned by the sale at auction of formerly state-owned lake cabin sites and various commercial properties; it’s part of the plan to transition the endowment’s investments away from those types of properties and into timber and agricultural land.
The state paid $42,245,629 for the timberland, according to the Department of Lands. The seller was Molpus Woodlands Group, which represented three ownership groups: Jackson Timberland Opportunities-Tristar LLC; Jamestown Forestlands LLC; and Nordic Crystal Falls LLC. The various properties are adjacent to and intermingled with existing timber lands owned by the state endowment.
Logging is the biggest source of revenue from state endowment lands. The endowments’ earnings support public schools, universities and other state institutions, with schools by far the largest beneficiary.
After this purchase, the Land Bank fund, where proceeds from endowment land sales are deposited, still has a balance of about $110 million.