(a) The board may select and purchase fee and lesser interests in land of the coastal area for the creation, maintenance, or protection of wildlife refuges, estuarine preserves, natural scenic reserves, historical or archaeological sites, public recreational areas, and research facilities.
(b) The interests may be purchased by the board with money acquired by gift or grant, but the interests may not be obtained by condemnation.
(c) Interests acquired under this section shall not become a part of the permanent free school fund unless they are so designated by the board.
(d) In the discretion of the board, the interests may be managed as if they were coastal public land within the meaning of this chapter regardless of whether they fall within the meaning of coastal public land.