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A petition demanding that historic Northdown House not be sold by Thanet council is being drawn up.
The grandson of the family that left the property to the people of Margate and Cliftonville has offered to take it back into their ownership.
William Friend, of East Northdown Farm, does not want the Georgian manor house to be sold by the council as part of the local authority's plan to sell off 16 assets to fund other projects.
Mr Friend said: “The covenants are for the protection and benefit of my grandfather and his successors in title.
“It is clear that the owners have no right to sell off the house or the gardeners/park-keepers cottages or coach house, or use them for any purpose that is not ancillary to its use as a public amenity.”
He added: “If Thanet council can no longer find a use for the building as a public amenity within the terms of these covenants, I will accept it back on the same terms that my grandfathers gave it over.”
A petition demanding the council “immediately withdraw this vital public amenity from its asset disposal list” is being circulated.
Thanet council leader Cllr Sandy Ezekiel said: “Northdown House is part of Thanet’s history - but it is costing the council a lot of money subsidising it heavily.
"I would suggest a planning brief on possible usage is provided and consultation with residents will be held.
“We are simply doing what is best to generate money to reinvest in the area."