The Castle Preservation Society was initially formed as an advisory subsidiary of the Lakes Region Conservation Trust, the non-profit land trust that purchased Castle in the Clouds in January 2002 and formally took over the management of the property in 2004 after all purchase payments were completed, running the facility for the 2004 and 2005 seasons.
In 2006 the Castle Preservation Society became an independent 501(c)3 non-profit and assumed full management and restoration responsibilities for Castle in the Clouds with the understanding that the historic buildings and operational area would be deeded to the Castle Preservation Society by the Lakes Region Conservation Trust once all separation details were worked out. In May of 2010 the Castle Preservation Society received title to the historic buildings and all other operational buildings and acreage related to Castle in the Clouds business (135.45 acres in two parcels: 128.19 acres around the Castle and 7.26 acres at the entrance area on Rt. 171). Title to the property was conveyed subject to a conservation easement.