The Tayvallich Initiative has brought the community of 200-plus people together to tackle the many challenges it faces by bringing part or, if possible, all of the estate into community ownership.
While the community is preparing a bid to the Scottish Land Fund (SLF), a request for more time to raise the funds has been turned down and the closing date for offers is set for November.
The tight deadline means that the SLF money is unlikely to be fully confirmed in time and so the community is urgently looking for funding elsewhere.
The 3,500-acre Tayvallich Estate extends along a peninsula in Knapdale and is owned by the family of Catherine Pollock, from whom the estate was inherited.
Ms Pollock worked as a social worker at the now-closed Argyll and Bute Hospital.
But she also managed the estate for many decades to maintain its rare species, including marsh fritillary butterflies, juniper, otters and Greenland white-fronted geese, all of which are of national or international importance. She also grew and planted many native trees.
The estate has three Sites of Special Scientific Interest, a large Special Area of Conservation and the peninsula sits between two Marine Protected Areas.
It is in order to preserve this legacy - by adapting to climate and biodiversity emergencies; reversing depopulation; expanding farming opportunities; and building and preserving affordable housing - that the community has come together to make a bid for the land.
An increasing number of houses are being turned from homes with long-term permanent residents into second homes, pricing out young people and raising the age of the population.
This situation threatens the village school, bus service, church and community-owned shop and café.
The sellers have kindly offered a gift to the community of some land and a house, which has been welcomed as a start to building affordable homes.
However, 10 of only 17 affordable long-term rental properties on the peninsula are owned by the estate and the community fears that long-standing members of the community may have to leave the village and that many of their houses may become holiday homes.
The gift of land is a promising beginning but the community believes more needs to be done to achieve its ambitions.
A spokesperson for the community said: 'If the community owned more land we could build more affordable homes and provide workshops and studios.
'It would also help us secure existing jobs in farming and create new jobs in starter farms or smallholdings, producing more local food.
'We could allow Atlantic rainforest to regenerate in areas that are not needed for grazing and look into renewable energy.
'This really is a once-in-a-lifetime opportunity and could transform the community by providing many opportunities for young people and following generations.'
The Tayvallich community is now urgently looking for funding elsewhere, determined not to lose this unique chance to make its vision for its own future come true.
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