The sum of money was raised after 340 shares were sold to residents for a stake in the 2.5 acre patch of land in Middle Street, Brockham.
They agreed to buy the field, used for dog training and agricultural purposes, to prevent any future development on it, although no planning application for a change of use exists.
The newly-formed Emergency Land Preservation (ELP) Brockham stumped up support following a village meeting on January 7.
Nick Green, a spokesman for Emergency Land Preservation (ELP) Brockham said: "The village has pulled together and has come up trumps.
"It has been phenomenal. It has been like the war-time spirit, people have got behind it very enthusiastically.
"We got all our money in long before the deadline. We are waiting for the landowner to finalise on various bits and pieces."