In December, Hearst Corp. responded to years of pressure from the San Simeon community, dropping its plans to develop a resort on a piece of the 83,000-acre Hearst Ranch and opting instead to help the American Land Conservancy preserve it as open space. The $100-million resort on 257 seaside acres would have included a 225-room hotel just below the Hearst Castle visitor center as well as restaurants, coffee shop, meeting rooms, retail shops, a golf course, an equestrian center and many other amenities.

Now the American Land Conservancy and Hearst Corp. have worked out a conservation option agreement, under which the conservancy has one year to present the details of a working preservation plan and find funding to pay Hearst for development rights to the land.

The property, which includes the state-owned Hearst Castle, could be worth up to $150 million. The preservation plan discussed in December would include 18 miles of new coastal trail. While the original plans for a golf course and resort have been scrapped, Hearst would be allowed to build 27 homes and a 100-room inn.