POST Acquires Option on 1,700 Acres of Coast Land Record $39 Million to be paid for Bolsa
Point Ranches
July 19, 2000
The Peninsula Open Space Trust (POST) announced today that it has acquired an option to purchase 1,719 acres of coastline, prime agricultural land and grassland on the San Mateo Coast for $39 million, the most ever paid by a public benefit land trust to purchase open space in the Western United States.
The unique property, known as the Bolsa Point Ranches, includes three separate ranches, all located on Highway 1 just south of Pescadero. Combined with neighboring parkland and open space, the purchase will create nearly 54 square miles of contiguous open space.
"This is the most expensive property we've ever purchased, and certainly one of the most important," said Audrey Rust, POST President. "We're working to prevent development and preserve the open, rural character of the incomparable southern San Mateo Coast. Because of the existing number of separate, legal lots involved, these lands could have been developed into 51 very large, very expensive trophy homes.
"The Bolsa Point Ranches, when linked with existing parkland and open space, will significantly expand the amount of permanently protected open land along the coast. This acquisition creates 14 miles of contiguous open space just east of Highway 1, and 10 miles of prime, unspoiled beachfront."
POST has been interested in the property since its purchase of the adjacent Cloverdale Coastal Ranch in 1997.
"By acquiring this property, we've accomplished several important objectives," Rust said. "We have preserved a long stretch of beautiful beaches west of Highway 1 which have been in private use. When POST recoups our expenses through donations and grants, we intend to turn this property over to a public agency that will manage it, arrange for appropriate access, and make these beaches public."
POST acquired the option to purchase Bolsa Point Ranches by agreeing to pay $39 million over the next 18 months. The initial installment of $13 million will be borrowed from POST's land acquisition fund, moneys the organization needs to replenish through private contributions.
"Fund-raising is a major element in our land protection strategy," said POST Board of Directors chairman, Dianne McKenna. "The Bolsa Point acquisition illustrates why POST needs a healthy and substantial land fund. There were several competing offers for this property. We had to have capital on hand to move quickly. As land prices on the Peninsula simply skyrocket, POST sees that we are all on the brink of losing our Coast to private development, unless we act immediately."
"We have serious work to do on the Coast," agreed Rust. "The Bolsa Point purchase, just a month after our Whaler's Cove purchase, signals our intention to continue an aggressive land-saving program to save this very special part of the world. Including this purchase, we calculate that saving the remaining San Mateo Coast open space will carry a price tag of $200 million."
"It's knowing that the San Mateo Coast is the very last undeveloped coast next to a major metropolitan area that propels us. It is absolutely critical that we raise this money and make every effort to protect these lands as permanent open space," stated Rust.
The new Bolsa Point Ranches property is divided into three parcels. The northernmost ranch, Peninsula Farms, is located just south of Pescadero Marsh and includes prime agricultural land currently farmed in leeks and artichokes. Its 141 acres offer spectacular views of the coastline from the Pigeon Point to Pillar Point Lighthouses.
The largest parcel, Bean Hollow Farm, includes 1,490 acres stretching from Bolsa Point across Highway 1 up to the mesa adjacent to Cloverdale Coastal Ranch. Important farmland and a beachfront portion at Bolsa Point feature scenic vistas and a sweeping, sandy beach, previously reserved for private use. The larger portion east of Highway 1 consists of grassland, the Lake Lucerne reservoir, and sloping terraces where artichokes and brussel sprouts are farmed.
The 88-acre southernmost parcel, Lighthouse Ranch, includes three-quarters of a mile of beachfront adjacent to the Pigeon Point Lighthouse. As a result of this purchase, and last month's purchase of Whaler's Cove, POST has now protected all the land surrounding the historic lighthouse.
By acquiring Bolsa Point Ranches, POST has also obtained essential water rights. The ranches control all the water rights to the Lake Lucerne Water System, including 100% of the appropriative water from Little Butano Creek, which flows through Butano State Park. The property also controls 50% of the water rights to Gazos Creek, one of the most important steelhead and endangered coho salmon streams in the state. Additionally, POST will now own all of the water rights for their Cloverdale Coastal Ranch property.
The agricultural land on Bolsa Point Ranches will continue in field crop farming, Rust noted. Existing structures on the property including barns, equipment sheds, and farm labor housing, will be evaluated for potential restoration or removal.
POST is a leading private, public benefit land trust dedicated to preserving the beauty and character of the Peninsula's natural resources.