People living in the tiny village of Bantham are relieved that the estate has been sold to a family rather than a developer.
The village, which has 21 tenants, its own beach and a golf course sold for more than 11 million pounds.
The National Trust had previously bid to buy the land, but it was turned down.
Locals were worried Bantham would be sold to a developer. It's thought the new owners plan to maintain and preserve the landscape the same way as the previous family did for nearly 100 years.
It's not yet been revealed who the mystery buyers are.
''There is a general air of joy and really huge relief in the village. It's a beautiful area which has been made accessible to everyone and there is no reason why the new owners can't do it again. It should be fantastic. If it had gone to a big company the place would have lost its heart and soul''
The National Trust has failed in its bid to buy a Devon beach, despite getting the backing of Richard Branson. Bantham was put on the market after one of the family that owned it died. The charity began fundraising to stop it ending up in private hands. It says it's extremely disappointed.
Mark Harold, South West Regional Director for the National Trust says:
"We will of course continue to care and protect for ever and for everyone the 40 miles and 3,000 hectares of the South Devon coast we already care for.
"We would also want, if possible, to work with any future owners of Bantham Beach & Estuary and ensure that this beautiful location is continued to be enjoyed by the many thousands of people who have told us how much it means to them.
"We would like to thank everyone for their support of our fundraising appeal".
One of the region's most beautiful beaches is at Bantham in South Devon - but it's up for sale after being in the same family almost a century. A campaign is underway to stop the estate being broken up.
There are also worries in the village itself, about what the future holds, as Jacquie Bird has been finding out.