A once deserted island with a strange name from locals, Beer Can Island, has just listed for an eye watering $14 million.
Located just off the coast of Tampa Bay, the island was purchased by a group of smart investors who could see a new vision for the deserted space.
The History of Beer Can Island
Although the name “Beer Can Island” was dubbed by the local community a long time ago, the island’s true name is Pine Key.
The name was given to it after the beaches had become a local party spot for young people with boats could go to drink underage or just hang out for the day. The island is also just out of sight of Tampa Bay authorities.
Investors Saw a Big Opportunity
Since the island is a locals only hang out, the 9-acre property has been off the radar for investors for a long time.
In 2017, four friends who frequented the island while having fun out on their boats for the day decided to buy the island and transform it.
A Small Investment Goes a Long Way
For a small price of $65,000 the group was able to purchase the island outright.
They went on to upgrade the existing infrastructure and added bathrooms, palm frond thatched roofs, cabanas on the beach, a full bar, and a water slide.
City Officials Were Not Happy
The new amenities on the island became an instant hit with the local party going community.
An almost exclusive club was opened just for people who knew how to get there. However, Hillsborough County officials were immediately concerned with issues relating to emergency services being able to access the island.
Florida Laws Benefited the Group
Since Florida homeowner laws give a high level of autonomy on private property, the group didn’t need to rezone the space to use it as a private club.
The four friends spent roughly $5 million on their quest to create the ultimate beach hang out.
New Owners Faced With Trespassers
The previous owner of the island never stayed there and very rarely enforced rules when it came to party-goers trespassing on his private property.
The new group of entrepreneurs found out the hard way that since the island was known as a local party spot for so long, it would be hard to enforce their own rules.
Trying To Enforce Members-Only Policy
At first, the group had a difficult time trying to get the local community to pay for the club membership instead of just showing up on the island with their own plans.
They made a smart decision to come to a compromise. Instead of kicking out the locals all together, they decided to section off a small spot on the island open to the public while still maintaining and nurturing their members-only club.
Local Community Embraces the New Owners
Since they finished the massive renovations on the island, the local community has swelled around them in support.
The locals in Tampa Bay have enjoyed hosting private weddings, parties, and concerts in the beach paradise.
Selling Beer Can Island to New Owners
After seeing their massive success with the private club on the island, the group of investors wants to move onto their next venture and let someone else enjoy the space.
The investors opened up the sale for $14 million for the island. Potential buyers are jumping at the chance to own one of the only private islands on the cast of Tampa Bay.
Environmental Issues Affecting the Island
Although the coast of Florida is already known to have its rainy and stormy season, one hurricane has put the entire sale in jeopardy.
Hurricane Idalia hit the island this year and left it under 5 feet of water. It’s unknown how much this storm has affected the amenities and structures on the island.
Unique Opportunity From a Crazy Idea
It’s unclear if the sale for $14 million will happen or if they will be forced to accept a somewhat lower offer.
Even so, it’s still impressive to see the story of what four friends and $65,000 can do when they work together.
