The vacant Florida island just off the coast of Tampa Bay, known for generations as “Beer Can Island,” was recently renovated into 1,400 It was listed for $1,000,000. Beer Can Island, officially named Pine Key, consists of nine acres in Hillsborough Bay, about midway between MacDill Air Force Base and Apollo Beach.
Pine Key earned the nickname Beer Can Island because, for much of its existence, the island's only claim to fame was its informality, where boaters could gather and relax largely out of sight of local authorities. Because it was a party spot. After the party, the only evidence they left behind was the empty beer cans they drank during the festivities.
So four friends from the area came up with the idea to buy Beer Can Island and transform it from a hangout for drunk boaters into an upscale place that could be opened for members or rented out as a private party destination. In 2017, they paid $65,000 for the island and upgraded its infrastructure, including adding bathrooms, tropical-style thatched roofs for the cabanas, a members-only waterslide, and a full bar.
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While the new and improved Beer Can Island became an almost instant hit among local partygoers, it was decidedly unpopular with Hillsborough County officials. Early in the redevelopment, county officials forced the new owners to close the bar and repeatedly raised questions about the county's emergency services' ability to respond to emergencies on the island.
However, Beer Can Island was never formally zoned by the county until it was acquired, and Florida law grants property owners a relatively high degree of autonomy, especially when it comes to operating private clubs. There is. This left the owner of Beer Can His Island with plenty of flexibility to realize his vision for his private club, although not without a significant cash investment. The four partners spent an estimated $5 million on renovations.
There were other problems as well. When you have a place where partygoers have ruled the roost for decades, those partygoers invariably start to feel like they own the island and start acting like it. Beer Can Island was privately owned before it was purchased by the current investors, but the old owners rarely enforce their rights against off-island partygoers, mainly because the owners no longer lived on the island. was.
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When Beer Can Island's investors took possession of it and began turning it into a private club, they constantly told partygoers that their hangout was now a private members' club. It felt like an educational period. As a compromise, part of the island was left open to those wishing to come ashore, while another part of the island was designated only to dues-paying members.
It also didn't hurt that the local communities in and around Tampa Bay supported the idea. Since opening, the private club has hosted weddings, parties, and concerts, drawing as many as 3,000 fans. Now, the four investors decided it was time to move on to a new adventure and put Beer Can Island up for sale. Although there are many interested parties, it will be an unusual transaction.
The owners are willing to accept cash offers, but are also willing to auction off the entire island as a non-fungible token (NFT) in a cryptocurrency exchange transaction. Anyone who purchases this island will have the privilege of owning one of the few privately owned islands in the Tampa Bay area. Anyone buying the island will also need to be prepared to deal with environmental challenges. Hurricane Idalia left Beer Can Island under 5 feet of water.
This island represents a unique opportunity for the right investor and shows why real estate is such a popular investment. In 2017, four of her friends came up with the “wacky idea” of taking his $65,000 punt on a deserted island. Now you stand to make millions of dollars on a single trade.
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This article Investor paid $65,000 for a deserted island in Florida. Now It's A Paradise Worth $14 million He was originally published on Benzinga.com
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