A country residential lot which was originally for sale for $101,000 as part of a public lottery is now being sold through public tender at a minimum bid of twice that much.

The 1.43-ha Whitehorse Copper "lot 30” is the first of its kind to move from lottery to tender, according to Yukon government officials.

The lot was first put up for sale in a 2007 lottery but was passed on by the lottery winner.

It was again part of a lottery in 2008, but did not sell before eventually selling over the counter in 2009.

In all three cases, the price was $101,000.

When the land came back to the government again in 2011, officials decided to have it appraised, John Cole, land manager with the Department of Energy, Mines and Resources, told the Star this week.

"Because of the time between 2007 and 2011, market conditions being what they were, we weren't certain what the value would be, so we did go out and had it evaluated,” he said.

The territory has the option of having government land reappraised every year. It rarely does that due to the expense and time it would take, Cole said.

"There are tens of thousands of commissioner's land (parcels) all over, so it would be impossible to survey them all every year.”

In this case, the independent certified appraiser's conclusion was "a fair bit more” than $200,000, Cole said.

That led the government to question whether a buyer would pay the appraised price in a lottery.

"We looked at it and said, ‘We're not so sure about that. Why don't we just test it on the market and have the prudent purchaser have a look at it and make a bid?'” he said.

"We felt it was a fairer and more open process to go that way.”

The lot has a minimum bid of $200,000, but there is no telling what the final price will be.

"I don't think it is going to lead to higher markets unless the demand factor moves it that way,” Cole said,

Tenders must be received in Whitehorse before 4:30 p.m. March 15.

Tenders will be opened publicly at 1 p.m. the next day in room 1A, Elijah Smith Building,

Bidders must include a certified cheque for 20 per cent of their bid amount plus the GST on the full bid amount.

For the winning bidder, the 20 per cent down payment is non-refundable 60 days after entering into an agreement of sale.

The successful bidder will be required to enter into a five-year agreement with the Yukon Housing Corp. to pay the rest of the lot price.

The lot is subject to a two-year building commitment.

In those two years, a significant amount of building a home must be completed, including all doors, windows and roofing.

A full copy of the tender package can be found on Energy, Mines and Resources' website.