A potential buyer for the Port of South Whidbey’s 14-acre property near Possession Point has backed out of the sale.

Port officials had planned to meet this week to get an update on whether their counteroffer for the property, which includes a portion of the Dorothy Cleveland Trail, would be acceptable to the buyer, who had announced plans to put a home on the property if the sale went through. The buyer had offered $240,000 for the land, but port officials countered and asked that a protective easement be placed on the land to preserve public access to the trail.

The property is listed for $235,000. Nearby neighbors and others are opposed to any sale that would lead to commercial development of the land, which AT&T has eyed for a possible cell phone tower location.

The only other offer received so far, according to Dane Anderson, port finance manager, was for $145,000 made by Independent Towers Holding LLC. The company, based in Latham, N.Y., develops wireless communications infrastructure throughout the United States.