The Falmouth Land Trust has a chance to protect a 62-acre property from development if it can raise $700,000 by June, the group said.

Kevin Smith, owner of Capall Creek Farm, a bucolic white-fenced horse farm on Gray Road by the Falmouth-Cumberland border, received town approval to divide the property into 17 home tracts.

But Smith, who has just moved out of state, gave the preservation group a chance to raise the money to keep it undeveloped, he said Tuesday.

The Falmouth Land Trust has until June 15 to execute the purchase, the group said.

“I definitely could have made more money” selling to a developer, Smith said. “I’m happy to not put houses on it.”

The Land Trust has asked the town to contribute $400,000 toward the acquisition.

Discussion of the proposed spending by the Falmouth Town Council, including a public comment period, is scheduled for Feb. 9. Smith said he was swayed by the land trust’s vision of the property as one of the few remaining rural parcels in town that would be preserved in perpetuity.

“That was appealing to me,” Smith said.

The land trust plans to rely on private donations to raise a significant portion of the remaining $300,000, it said.

“We’ve been waiting a long time for an opportunity like this,” said Jed Harris, who led the acquisition effort for the land trust.

“The property is truly one of a kind and now is the time to protect it. We started working on an agreement with the landowner the minute he indicated it was available.”

The 62-acre parcel up for preservation is only part of Smith’s holdings at the site.

Connected to the open land is a separate 30-acre parcel that contains the horse farm facilities, including a farmhouse, barn and riding arena also up for sale.

Smith said he placed the 30-acre parcel on the market Friday, and has already received strong interest.

He hopes to sell to someone willing to keep the property as a working farm of some sort.

“We’ve put a lot of time and effort and money in tho the property,” he said.

“I hope somebody wants to keep it the way it is.”

Analiese Larson, executive director of the Falmouth Land Trust, said that if the trust acquires the property, it will be renamed Hurricane Valley Farm.