The Brunswick News reports that the St. Simons Land Trust made the purchase after raising $25 million over the past two years.
The acquisition from Wells Fargo Bank was announced Monday.
St. Simons Land Trust Executive Director Ben Slade said the deal quadruples the amount of protected land on the island managed by the trust.
Slade said he expects Cannon's Point to be opened to the public sometime in 2013. Possible uses include trails for hiking and biking and areas for primitive camping.