A 33% stake in a Florida island measuring nearly 10 acres is being sold for cryptocurrency via auction.
The island, known officially as Pine Key and referred to by the locals as Beer Can Island, is situated between MacDill Air Force Base and Apollo Beach in Florida.
The auction will take place between March 15th and April 2nd and interested buyers are required to pay in Bitcoin. Investors can bid for the 33% stake or as little as a 1% stake, according to the island’s website.
“However, if one individual has the highest bid for the entire 33%, there will only be one winner. Only the highest bid amounts will be displayed… and updated one or two times daily.”
The island is currently owned by five partners, one of whom is selling his entire 21% stake. The other business partners are selling another 12% stake.
The current owners purchased the island as a site to dock a floating tiki bar. The bar no longer exists due to significant beach erosion.
Some of the businesses on the island include a boat shuttle service, private party venue, a catering firm and camping services.
The Tampa Bay Times reports the islands’ businesses grossed nearly $0.5 million in 2019 which was its first and only full year of operations so far. There was little activity in 2020 due to the Covid-19 pandemic.
Beer Can Island measured around 11 acres when the current owners purchased it but has lost more than two acres to erosion since then. Official records put its size at 23.62 acres, but surveys that The Tampa Bay Times were given access to believe the island is 8.9 acres.
The current owners say the island’s land mass can be manually restored at a cost of $0.5 million.