The property, known as the Bolsa Point Ranches, includes threeseparate ranches, all located on Highway 1 just south of Pescadero.Combined with neighboring parkland and open space, the purchasewill create close to 54 square miles of contiguous open space. Postpresident Audrey Rust says the organization is working to "preventdevelopment and preserve the open, rural character of the Coast."Because of the existing number of separate, legal lots involved,these lands could have been developed into 51 very large, veryexpensive trophy homes, he notes.

Post acquired the option to purchase Bolsa Point Ranches byagreeing to pay $39 million over the next 18 months. The initialinstallment of $13 million will be borrowed from the firm's landacquisition fund, moneys the organization needs to replenishthrough private contributions. When Post recoups its expensesthrough donations and grants, it intends to turn the property overto a public agency that will manage it, arrange for appropriateaccess, and make these beaches public, Rust says.

The agricultural land on the Bolsa Point Ranches will continuein field crop farming, the president adds. Existing structures onthe property, including barns, equipment sheds, and farm laborhousing, will be evaluated for potential restoration orremoval.

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