Trust Lands Sale Brings $749,100
23-Jul-1997
On July 18, 1997, the School and Institutional Trust Lands Administration held an auction selling six pieces of trust land from different locations around the state. A total of 1,424 acres were sold for $749,100 -- an average of $526 per acre. "This is the first time we've sold several land parcels at one auction, and I was very pleased with the results," says Assistant Director Kevin Carter who supervised the sale. "Four of these sales exceeded our minimum acceptable sales prices by substantial amounts." The properties sold were: 644 acres one mile north of Enterprise, Utah 40 acres about 18 miles southwest of Richfield, Utah, near Fremont Indian State Park 40 acres approximately 10 miles northeast of Bryce Canyon National Park 520 acres near Harding Junction, approximately 5 miles southeast of Delta, Utah 40 acres about 3 miles northeast of Virgin, Utah, on Kolob Mountain Road 140 acres adjacent to I-80 in Parley's Canyon just east of Salt Lake City One parcel of 560 acres was not sold because the auction did not result in a bid which was equal to, or greater than, the Trust Lands Administration's minimum acceptable price. That parcel will be sold at a later date. Revenue generated by land sales is put into the permanent funds of Utah schools and other beneficiaries. The permanent funds are not spent, but are invested by the State Treasurer to provide perpetual payments to the beneficiaries. The Trust Lands Administration will conduct another land auction of approximately 2,200 acres on Friday, October 3, 1997. Call the Trust Lands Administration in Salt Lake City at 801-538-5100 for more information about the upcoming sale. The School and Institutional Trust Lands Administration is an independent state agency which manages 3.7 million acres of Utah trust lands exclusively for the benefit of Utah's schools and other public institutions.