The Coastal Conservancy board has approved a $644,000 loan to buy part of the Roberts Ranch in Malibu's Solstice Canyon.
The 556-acre tract, which is within several hundred yards of Corral State Beach, includes rugged mountain scenery and a year-round stream.
The state has acquired 211 acres of the property, and the Trust for Public Land, a nonprofit San Francisco-based preservation group, has an option to buy the remaining 345 acres for $3 million.
The Coastal Conservancy agreed to loan the trust $644,000 for the purchase.
With the loan, and about $350,000 of their own funds, trust officials hope to buy about 150 of the 345 acres now and to persuade the owners to extend for another two years its option to buy the rest of the land, officials said.
The trust had a New Year's Eve deadline to come up with the $3 million to buy the land but the property's owners--members of the Roberts family--have agreed to keep the property off the market until the end of January while they consider the latest offer, said Bill Dempsey, project manager for the trust.