"We're committed to the property because of what it means for the education of Wairarapa Maori and we're committed to it because it is land that surrounds the lake," Mr Te Whaiti said.
There was a February 5 deadline for tenders on the farm and Mr Te Whaiti expected the winning offer to be double the valuation and beyond the reach of prospective Wairarapa Maori buyers.
He was crestfallen at the prospect of being priced out of contention.
Mr Holmes started working his Te Hopai farm at Kahutara in 1904 and ahead of his death in 1970 had developed a deep and abiding affection for Maori families living in the area.
He was pivotal to the building of the Tuhirangi meeting house at Kohunui Marae at Pirinoa, providing vital building materials and formally opening the wharenui in 1956.
In 1960, he launched plans to found an education trust for Maori families in the region but was advised by government officials over the ensuing two years to pass the land to the newly-formed national organisation, the Maori Education Foundation.
There was no similar mechanism to benefit Wairarapa Maori specifically and the foundation also offered a subsidy that doubled the value of the gifted land.
In 1963, Mr Holmes handed the land to the foundation and, during a ministerial visit to the property, had voiced his hope "the land would be used as a training farm for local Maori".
Mr Te Whaiti said the spur for prospective Wairarapa Maori buyers was Mr Holmes' original vision to provide the land for the education of hapu in the region.
"Our reason for wanting to buy is around the original purpose of the land as a gift while for the trust, it's a commercial decision," he said.
"If we turned away, which is looking more and more likely, it would be with much reluctance and sadness."