According to The Times, Kinloch Castle, on the island of Rum, is under threat.
It was built by George Bullough, a Lancastrian industrialist, as a place to entertain his high society guests. Construction began in 1897 and was completed in 1900.
The baronial lodge, which was sold to the state in 1957, has since fallen into disrepair.
An attempt to restore the castle failed a decade ago.
This year, Scottish Natural Heritage (SNH), owner of the castle and the island, suggested that the Category A listed building could be demolished if it failed to find the £20 million needed for restoration.
Now, enthusiasts are looking to take ownership of the landmark.
The Kinloch Castle Friends Association wants to set up a community interest company or a building preservation trust to create “a viable and sustainable future for the castle and therefore for the Rum community”.
Catherine Duckworth, honorary secretary, said: “SNH have long wanted to pass it on because looking after a listed building is not part of their remit.
“We have taken advice and think the cost of repairs would be appreciably less than the £20 million SNH have said, but we haven’t yet got actual costings.
“We also have support from the Rum community who realise that without the castle providing employment, accommodation and a visitor attraction, they will struggle to survive.”
An SNH spokesman said: “We are undertaking work towards achieving a practical and affordable outcome for Kinloch Castle that represents value for money for the Scottish taxpayer.”