HomeAuction Nets $1.37M for K12, School for the Deaf

Auction Nets $1.37M for K12, School for the Deaf

SITLA sold seven trust land parcels at its biannual public auction this week. The land auction generated $1,372,750 for two trust land endowments, K12 public schools and Utah School for the Deaf. All but one of the eight parcels offered by SITLA sold during the agency’s first online public auction. The 1.47-acre Highway 91 parcel in Iron County did not sell. The trust land parcels sold totaled approximately 1,040 surface acres in five counties throughout the state. By law, SITLA retains all mineral estate. For a full auction summary, visit the Land Auction page. Proceeds from the sale are deposited directly into the $2.5 billion permanent endowments for K12 public schools and the Utah School for the Deaf. These institutions receive annual interest earnings from their endowments to use as they see fit. Utah’s K-12 public school system received $88.83 million this school year, which was used largely for teacher and aide salaries, and classroom technology. On behalf of trust land beneficiaries, SITLA generated $75.25 million from energy, mineral, surface, and real estate development, and land sales last fiscal year.

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