The Martha’s Vineyard Land Bank has purchased a small, one-acre parcel along the Tiasquam River in West Tisbury subject to a life estate, with the intention to open the property for public access and naturalize the land after the estate concludes.

The sale price is $775,000, and the sellers are Ann Burt and her children, Patrick Burt, Percy Burt, Prudence Burt and Molly Reed, according to a release from the land bank Monday morning.

A small, 1.1-acre parcel off historic Music street, the property is addressed at 18 Tiasquam Road and includes a 1,200-square-foot, shingled, ranch style gabled home as well as grass and woodlands. The home dates to 1967.

“The life-estate arrangement allows Mrs. Burt to reside on the property for the term of her life; there will be no public access during that time,” the release from the land bank said. “At the end of the life-estate the land bank will undevelop the house and allow the 200-foot-wide riverfront area to revert to its natural vegetation. Upland areas will be maintained as a native plant meadow.”

The property is assessed at approximately $670,000, according to land records.

In the release, the land bank noted the property’s serenity and proximity to the center of town.

“The land bank envisions the property, which fronts on the stream for a length of 250 feet, as a quiet riverside respite not far from West Tisbury center,” the release states.

Within walking distance of the West Tisbury town hall, Grange Hall and library, the purchase will be the closest land bank property to downtown West Tisbury.

The land bank is a state-chartered, public land conservancy funded by a two per cent transfer tax on most arms-length real estate transactions.

Corrected to clarify that the land purchase is subject to a life estate.