Current:Home > reviewsThey bought Florida party destination 'Beer Can Island' for $63k, now it's selling for $14M: See photos -Trailblazer Capital Learning
They bought Florida party destination 'Beer Can Island' for $63k, now it's selling for $14M: See photos
View
Date:2025-04-19 02:29:34
After six months of tracking down the owner of a small Tampa Bay island, Russell Loomis bought the marooned 9 acres for $63,500 in December 2017. Little did he know, it was an infamous party destination.
"I had no idea how popular this place was with the boating community," Loomis told USA TODAY in an interview. "Come early February, early March...every weekend or every nice weather day the island was completely surrounded by hundreds of boats and hundreds of people up on the island."
The spot goes by many names Pine Key and Paradise Island, but most popularly by Beer Can Island.
Loomis pooled money with some friends including Cole Weaver with the hopes of operating a floating tiki bar off its shores. But over the last six years, they've turned it into much more.
But now, they're closing in on a deal to pass the island and its visitors to the next owners.
"We're all entrepreneurs and we've done what we could do with the island," Weaver said, rattling off the weddings, concerts and food and beverage services they brought to the island. "It's just time for us to pass the torch to somebody who can come in and make the island bigger."
'Literal cottagecore':Maine Wedding Cake House for sale at $2.65 million. See photos
Beer Can Island has been a boat spot for seven generations
Weaver said when they first bought the island, he camped out there for 100 days straight helping out with the bar, socializing with the onslaught of visitors and growing a big "Cast Away" beard in the meantime.
"I just (would) meet interesting people all day, hang out, party with them all day and then sunset comes around and they disappear and I'm on an island all by myself walking around like, did that really happen?" Weaver said.
He remembers most fondly the variety of people the island attracted, including professional athletes, politicians and people whose families had been going there for up to seven generations.
Owners in talks with potential buyers
Loomis said they set up a membership system to allow people to purchase liquor from their bar. The memberships range from $9 a month to $499 for three years, and Loomis said they ended up with approximately 4,500 members. They closed Beer Can Island to the public in February of this year and listed it for $14.2 million.
Officials have raised concerns about emergency accessibility on the island, local outlets reported, and a young man drowned while visiting the island in 2023.
"Unfortunately, those things can happen anywhere," Loomis said, adding that the island is safer with the staff who were trained in providing aid than if it was left uninhabited with the flow of visitors. He also said the island has devolved into "lawlessness" since they stopped operating.
Loomis said they are exploring two different potential deals: one from a private buyer and another from someone who hopes to buy it on behalf of the community with $1,000 pledges from members going into an Escrow account.
"It's been a really fun project," Loomis said, but he also expressed he is ready to move onto his next endeavor.
Weaver said that some people are worried it will fall into the wrong hands and may not be available to the public in the future, but he hopes it be expanded and improved on.
"There's a lot of good potential still with the future of this place," Weaver said.
veryGood! (16)
Related
- What do we know about the mysterious drones reported flying over New Jersey?
- Southern Taurid meteor shower hits peak activity this week: When and where to watch
- Under lock and key: How ballots get from Pennsylvania precincts to election offices
- Bowl projections: Alabama, Indiana BYU join playoff as CFP gets makeover with Week 10 upsets
- Angelina Jolie nearly fainted making Maria Callas movie: 'My body wasn’t strong enough'
- Why the NBA Doesn't Have Basketball Games on Election Day
- Boeing factory workers vote to accept contract and end more than 7-week strike
- Kendall Jenner Shares Glimpse at Birthday Celebration With Witches Don't Age Cake
- What were Tom Selleck's juicy final 'Blue Bloods' words in Reagan family
- US agency ends investigation into Ford engine failures after recall and warranty extension
Ranking
- Who are the most valuable sports franchises? Forbes releases new list of top 50 teams
- Mexico’s National Guard kills 2 Colombians and wounds 4 on a migrant smuggling route near the US
- Outer Banks Ending After Season 5
- Dawn Staley is more than South Carolina's women's basketball coach. She's a transcendent star.
- Rams vs. 49ers highlights: LA wins rainy defensive struggle in key divisional game
- Santa's delivery helpers: Here are how the major shippers are hiring for the holidays
- Volvo, Ram, Ford among 252,000 vehicles recalled: Check recent car recalls here
- How to Build Your H&M Fall Capsule Wardrobe: Affordable Essentials to Upgrade Your Style
Recommendation
Megan Fox's ex Brian Austin Green tells Machine Gun Kelly to 'grow up'
Can the Kansas City Chiefs go undefeated? How they could reach 17-0 in 2024
Abortion is on the ballot in nine states and motivating voters across the US
Make your own peanut butter cups at home with Reese's new deconstructed kits
Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
Holly Madison Says Pamela Anderson Acted Like She Did Not Exist Amid Hugh Hefner Romance
Surfer bit by shark off Hawaii coast, part of leg severed in attack
The Daily Money: Spending less on election eve?