Four Friends Bought Their Own Island For $65K—And Are Flipping It For $14 Million

Seven years ago, a group of friends purchased a 9-acre (3.64 hectares) island in Tampa, Florida, for $65,000. Now, they’re putting it back on the market for $14 million.

Pine Key, known as Beer Can Island by the locals, served as the four friends’ members-only party spot. The owners set up bathrooms, installed thatched roof structures, built a bar, and even put up an inflatable slide, according to WFLA News.

The tiny landmass was the group’s preferred spot for parties. Over the years, Tampa Bay locals also used it for concerts, weddings, and other small events.

In 2017, A Group Of Friends Purchased Pine Key, Now Known As Beer Can Island, For $65,000.

Image credits: Beer Can Island

“This opportunity is exceedingly rare, as Pine Key is one of the few privately owned islands in Tampa Bay,” Cole Weaver, majority owner of Pine Key, said in a statement.

“We’re grateful for the outpouring of support we have received from the community and our members over the years, but all good things must come to an end at some point, and for us, that time is now.”

As per the NBC TV affiliate, their use of the unzoned property drew criticism from local officials, who ordered the owners to shut down the island bar.

However, the owners don’t care. “With the right vision and willingness to collaborate with Hillsborough County, development opportunities could be explored and expanded upon,” they stated in a news release.

Seven Years Later, The Four Friends Are Selling The Island For $14 Million.

Image credits: Beer Can Island

Beer Can Island Housed Many Events For Locals And Served As A Members-Only Party Spot.

Image credits: Beer Can Island

The $14.2 million deal for the private Island in Hillsborough Bay between MacDill Air Force Base and Apollo Beach also includes the 60 acres (24 hectares) of submerged land surrounding it.

It’s not clear why the owners decided to put the property on sale.

Their news release targets “corporations and international investors seeking a unique retreat.”

The Private Island Owners Have Described The Property As A “Unique Investment Opportunity.”

Image credits: Beer Can Island

“While historically recognized for hosting events, Pine Key is equally positioned as an exclusive VIP property, providing a perfect setting for either private sole or corporate ownership,” the news release reads.

The private Island’s owners described the landmass as a “unique opportunity for innovation.”

Beer Can Island is now officially closed to members and the public as it waits to be sold.