A fishing campground will remain in private hands for four years, then a public campground is planned.
"This will provide exceptional recreational opportunities for people who visit and live in the northern Sierra," said Dave Sutton, northern California director of the Trust for Public Land.
The California Wildlife Conservation Board, Sierra Nevada Conservancy and Northern Sierra Partnership joined many individuals in provided significant funding for the purchase.
It's the latest in a series of acquisitions by the Northern Sierra Partnership to conserve the Little Truckee River watershed. Since its launch five years ago, the partnership has helped conserve over 14,000 acres in the watershed, including Independence Lake, Perazzo Meadows, Webber Falls and the Mt. Lola Trail.
"The Little Truckee watershed is a hidden treasure, little known to the general public," said Lucy Blake, president of the partnership. "Go there and you won't be disappointed."