Vacant island off the coast of Tampa known as 'Beer Can Island' goes on the market for $14 MILLION - just six years after investors bought it for $65,000

A vacant island off the Tampa coast that earned the moniker of 'Beer Can Island' has landed on the market for $14.2 million, six years after investors bought it for just $65,000.

Pine Key, more commonly known by its nickname, officially closed to the public in February. Located on the northern tip of Longboat Key, the island is situated between MacDill Air Force Base and Apollo Beach.

It is the brainchild of four dedicated investors who poured roughly $5 million into renovations for the property after buying it in 2017.

While it was originally intended as a place to anchor their floating Tiki bar, the island has hosted weddings, parties and concerts with thousands in attendance.

'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,' majority owner Cole Weaver said in a press release.

Before Weaver and his partners scooped it up, the island was a popular party spot for locals. Its sands would be peppered with beer cans after the informal get-togethers - hence the nickname.

Six years ago, Russell Loomis was inspired by the story of Richart Sowa, a British artist who created an artificial island using thousands of plastic bottles.

The tech developer and Wisconsin native, who relocated to Tampa in the nineties, decided he wanted to do the same.

So he recruited his friend of two decades, James Wester. With experience in nightclub promotion and subcontracting, Wester, also known as 'DJ West,' seemed like the ideal business partner.

Next came Weaver, a friend of a friend. The trio constructed the bar from 258 plastic barrels atop a motorized platform.

They began to search for a parking spot for their for-profit project, which became a party venue for rent, and settled on Pine Key.

The partners reached out to Imperial Island, the company that owned the island, to inquire about renting part of the island. Renting wasn't an option, but buying it was.

At the time, the 9-acre island was appraised at just $63,650, less than half of what it cost to put their floating bar together.

The investors brought on club promoter John Gadd as a fourth financial partner and closed on the property that year. The sale was finalized on December 22, 2017.

They proceeded to add bathrooms, thatched-roof cabanas, a water slide and full bar, envisioning a private destination for partygoers.

But Hillsborough County officials quickly took issue, arguing that the pristine land should be used as a nature reserve for local species like manatees rather than a place to host events.

They ordered the bar to be closed and raised concerns about the ability of the Hillsborough County Sheriff’s Office’s to respond to emergencies on the island.

However, as the property had never officially been zoned before its sale, the new owners were granted a considerable degree of autonomy under state law.

Similar concerns were raised during a planning commission meeting in March of last year, when Commissioner Steven Fernandez asked the Florida Department of Environmental Protection to voice its concerns about the impacts of future development.

The area was referred to by a citizens’ advisory member as 'vulnerable' for its 'continual' erosion. Other worries were raised about its suitability for wildlife, with analysts arguing that this had been 'disrupted.'

The fight will have to be taken up the next owner, as the zoning battle is ongoing.

But for those daring enough to take it on, the island offers a 'unique opportunity for innovation,' according to the press release.

This could mean an exclusive retreat for private property buyers, corporations or international investors.

'This opportunity is exceedingly rare, as Pine Key is one of the only privately owned islands in Tampa Bay,' Weaver said.