They were fundraising by selling “shares” in the farm, which they said would then be “community owned” and farmed by them.
Their society said the landowner was “still strongly in favour of community ownership”.
Society director Patricia Gibbons, said: “The landowner has waited a long time to facilitate the community purchase, and we are so grateful, but she can’t wait forever.”
She said the appeal would continue until the end of the year in the hope all or part of the land would still be available to purchase.
Despite failing to meet their target, Ms Gibbons said: “This isn’t the end for us. We are going to keep fundraising for as long as we can to save as much land as we can.”