Jan Cameron, Tasmanian-based businesswoman along with a team of fellow philanthropists is reported to have given over 28,000 hectares of land to the Tasmanian Land Conservancy.
It is deemed to be the only biggest private conservation agreement in the Australian history.
It is reported that the 34 properties, over 98 titles, are located in the state's central north-east and far south, attributing to over 1 % of all private held land in the state.
The land is officially in name of Tasmanian timber company Gunns, however, was purchased at the auction conducted in June. The auction was conducted by Ms Cameron and the Tasmanian Land Conservancy.
The land will be used in case it a required for commercial opportunities, provided that it does not hamper the landscape or habitat of the property, Ms Cameron outlined.
"Tasmania's eco-tourism is really under developed compared to New Zealand for example and I think there's a huge opportunity for us there", she was quoted as saying.
According to the deal, the Tasmanian Land Conservancy will have to pay over $13 million dollars that should be completed within a period of five years. The agreement hopes to raise $3 million from the public.