The Santa Lucia Preserve () or The Preserve (formerly Rancho San Carlos) is a private, 20,000 acres (8,100 ha) gated development permitting 297 homesites. It is located in the foothills of the Santa Lucia Range between Palo Corona Regional Park and Carmel Valley, California. The Preserve consists of a 12,000 acres (4,900 ha) nature reserve, 8,000 acres (3,200 ha) of open land, and 2,000 acres (810 ha) for development. It contains most of the watershed of Las Garzas Creek, a tributary of the Carmel River.
Developers Peter Stocker and Tom Gray formed the Rancho San Carlos Partnership which purchased the property from Arthur Oppenheimer in 1990 for $70 million. After resolving disputes and lawsuits with environmentalists and activists, The Preserve Company and the Conservancy submitted a modified design that met their approval.
The Partnership established The Preserve as a conservation community, protecting 90% (18,000 acres (7,300 ha)) of the 20,000 acres (8,100 ha) property in perpetuity through the Santa Lucia Conservancy, a conservation land trust.The remaining 10% (2,000 acres (810 ha)) intended for development is separately owned and operated by The Santa Lucia Preserve Company. The land features 297 homesites, employee housing, an existing Spanish-style hacienda dating to the 1920s, an equestrian center, a small store, a private 365-acre golf course designed by Tom Fazio, and other recreational facilities. Each of the 297 homesites, ranging in size from 10 acres (4.0 ha) to 50 acres (20 ha), were initially projected to sell from around $1 million and up to several million dollars. The partnership's initial investment was around $200 million. The property is now worth an estimated $500 million. A stone gatehouse on Rancho San Carlos Road controls who can access the preserve. Only homeowners, their families and guests, and staff are permitted on the property.The property has been used as a shooting location for film, television, and commercials. The inactive Sid Ormsbee Fire Lookout, visible throughout Carmel Valley and The Preserve, is located on the property.