Ramirez Canyon Park is on the list of state-owned properties that Gov. Jerry Brown wants to put up for sale despite fierce opposition.
Streisand says she understands the sale of the 22.5-acre multiple-home Malibu estate will help balance the state budget.
She's hoping the person who buys the property will preserve it.
"While I had hoped that the Ramirez Canyon property I donated to the Santa Monica Mountains Conservancy would have been used for a state-of-the-art Environmental Conference and Study Center as was originally intended, I understand Governor Brown's tough decision given the severe budget shortfalls that California is facing," Streisand said in a statement.
"I only hope that there is little disruption to the residents of Ramirez Canyon through this potential transition and that whatever entity does purchase the land and the homes on it will preserve its special habitat," she added.
Streisand donated Ramirez Canyon Park in 1993 when it was valued at $15 million. It contains meadows, gardens, a creek and three homes.
It is operated by Santa Monica Mountains Conservancy and open to the public.
State officials said the property does not serve any official state function.
The Associated Press contributed to this report.