Earlier this week Gov. Jeb Bush and the Florida Cabinet voted to purchase 161 acres at Morrison Springs.
The state will pay the private owner almost $3.5 million for the property, located just northeast of Red Bay.
The springs are well known with scuba divers for the underwater caves. Under the state agreement, Walton County will manage the springs.
Walton County planning officials say the deal should not affect other development plans around the county.