The case was settled a bit ago, it appears Khosla is intending to appeal it...all the way to the Federal Supreme Court if need be.
The link FC posted talks about Senate Bill (42) that Senator Jerry Hill is sponsoring, which would allow for public donations to purchase the land (if eminent domain is used). Usually this type of thing is not allowed by state law and process...this bill would open the ability for the public to donate if they choose and give the finger to Khosla in doing so. The donations would go specifically to the land purchase and not into the general fund as otherwise required by law.
As far as the access (locked gate but no ticketing) FC posted about...the article does state "Khosla lost an appeals court decision in which the court ruled that he closed the gate illegally because he had not acquired a permit from the state Coastal Commission. It remains closed, but the San Mateo County Sheriff’s Office said this month that the public should feel free to ignore the no-trespassing signs."
At the end of the article there is a bit that shows what an extreme d*ckhead Khosla has been in this process:
"Complicating the issue: Khosla is a major Democratic Party donor who has contributed hundreds of thousands of dollars to Democrats such as Sen. Dianne Feinstein, Rep. Nancy Pelosi, Rep. Zoe Lofgren, Rep. Ro Khanna, Barack Obama, Hillary Clinton, Joe Biden and the Democratic Senatorial Campaign Committee.
But last year he enraged leading California Democrats when he sued the State Lands Commission and Coastal Commission members individually, including Newsom and Yee over the Martins Beach issue. That lawsuit is still pending."
The jerk sued the Commission members individually....wow! Making it personal! What a sh*t-heel legal maneuver!