The bid was more than $21 million, with about $8 million of that coming from a state trust land acquisition grant approved by the Arizona State Parks Board in September.
Officials say the rest of the money will come from revenue generated by two sales taxes approved by Scottsdale voters in 1995 and 2004.
Mayor Jim Lane says the ability to acquire the land is a testament to the community's vision.
The preserve now encompasses more than 47 square miles. That's closer to the city's long-term goal of preserving about 53 square miles.