Jacqueline Kennedy Martha's Vineyard estate, officials said Thursday

 Jacqueline Kennedy Martha's Vineyard estate, officials said Thursday.

A 304-acre farm on Martha’s Vineyard owned by the estate of Jacqueline Kennedy Onassis is being purchased by the Martha’s Vineyard Land Bank and Sheriff’s Meadow Foundation for $27 million.

The purchase of Red Gate Farm in Aquinnah by the two the conservation agencies was announced Thursday morning. The deal should be completed by Dec. 15 and payments will be made over a four-year period.

The Kennedy family will retain 98 adjacent acres of land, which includes the 6,456-square-foot cedar-shingled main residence, four-bedroom guest house, three-bedroom caretaker’s house, according to Land Bank Executive Director James Lengyel.

Upon completion of a standard biological species inventory and final management plan, the farm’s dunes, beach, kettlehole pond, wooded trails and open meadows will be open to the public, according to the buyers. It will be known as Squibnocket Pond Reservation.

“The Martha’s Vineyard Land Bank Commission and Sheriff’s Meadow Foundation are thrilled to collaborate on this project of island-wide significance and we gratefully acknowledge the historic and cultural significance of the land,” said Lengyel and Sheriff’s Meadow Executive Director Adam Moore in a joint statement. “We also thank the Land Bank Commissioners and Town Advisory Board members for their support of this effort, and the Sheriff’s Meadow Foundation donors for their generous financial contributions, and the Kennedy – Schlossberg family for their close cooperation.”

Red Gate Farm served as a private retreat for Onassis from 1978 until her death in 1994.

“Our family has endeavored to be worthy stewards of this magnificent and fragile natural habitat, and its sites of cultural significance. We are excited to partner with two outstanding island organizations, and for the entire island community and the general public to experience its beauty. We look forward to many more happy years in Aquinnah,” said Onassis’ daughter, Caroline Kennedy Schlossberg, in a statement.