The National Trust handed the keys to Parc Farm on the top of Great Orme, near Llandudno, Conwy county, to 38-year-old Dan Jones from Anglesey on Friday.
It stepped in to protect the land last year as it was on sale as a potential site for a golf course.
The site has rare habitats and species.
Mr Jones signed an agreement with the trust and picked up the keys to the farm house on Friday, and will live there with wife Ceri and son Efan.
He said there was still a lot to do before work can begin on the farm but they were all excited about the challenge.
"It's a gradual process, it's going to take a while to get all the livestock there and the machinery," he added.
Mr Jones has bought about 275 sheep for the farm and is aiming to get about 470 in total.
"I'll have to get the sheep used to the environment, used to me and being walked with dogs before I can release them on to the Great Orme," he said.
"It's only about five minutes from the centre of Llandudno so it's not very remote but you're in the countryside.
"[The family are] very excited we are going to see the house properly now."
A tenant is due to move on to a £1m farm on Saturday - paying just £1 a year rent to look after it and its "fragile" landscape.