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.
More top news
Alex Salmond has announced his intention to end a 24-year career at the forefront of Scottish politics. Here is a brief look at his career.
A look ahead at the weekend weather forecast for the Border region
Alex Salmond announced he will stand down as Scotland's First Minister and SNP leader after voters rejected independence in the referendum.