Blencathra has been listed as a community asset by Eden District Council.
The sale of the Cumbrian fell was agreed with an unnamed bidder for more than the asking price of £1.75 million on Friday.
Community group Friends of Blencathra were disappointed not to win the sale but say they are delighted the mountain has been designated a community asset.
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Sunday's Pollen for the Border region
Sunday's forecast for the Border region
Sunny spells to end Sunday and start Monday - then it's 'all change' with a quite unseasonal weather story into Tuesday