State Endowment Land Auction Draws Single Bidder

The Idaho Department of Lands sold 160 acres of state endowment land near Driggs for $5 million at a public auction Friday in Garden City. The property, located in eastern Idaho’s Teton County with views of the Teton Range, sold to TR Lot Holdco LLC for the minimum reserve bid.

A department spokesperson confirmed the winning bidder was an LLC owned by billionaire Thomas Tull, a film financier and founder of a production company. No competing bids were submitted for the property known as the Driggs 160 parcel.

Background on the Sale

The Idaho State Board of Land Commissioners voted unanimously last July to auction the property to maximize revenue for the state endowment. Department staff said a local landowner had expressed interest in the parcel, initiating the sale process.

The land had been leased by the Beard family for cattle grazing since 1992 under an agreement paying $950 annually. That lease was set to run through 2032, but state officials said contract provisions allowed them to terminate the lease for a sale.

The property is bordered on two sides by land owned by Tull, who holds at least 8,000 acres in Teton County valued at nearly $100 million according to county records.

Public Opposition and Local Concerns

More than 2,000 people signed an online petition opposing the sale in the months before the auction. Two Teton County commissioners wrote to Governor Brad Little urging the state not to proceed with the transaction.

Critics objected to selling the property before the existing grazing lease expired and raised concerns about converting agricultural land to private ownership in a region experiencing development pressure.

Future Use of the Property

A spokesperson for Tull said after the auction that the land will remain undeveloped and the current grazing lease terms will be offered to the Beard family for continued use.

Nick Beard, a fifth-generation rancher whose family has used the parcel for more than 30 years, said he was pleased with the outcome. He expressed relief that the buyer plans to conserve the land rather than subdivide it for development.

Beard said he was unaware of the grazing lease offer immediately after the auction and noted his current lease allows him to continue grazing until mid-July.

Property Details

The parcel consists primarily of sagebrush and grassland. Auction materials described it as offering uninterrupted mountain views and characterized it as an increasingly rare opportunity in the region.

The property was sold as a single parcel rather than being divided into smaller lots. Bottles Real Estate Auction handled the sale on behalf of the state lands department.