Project to save Florida's 'Beer Can Island' offers partial ownership for $1,000

April 11 (UPI) -- A small Florida key known as "Beer Can Island" due to the results of parties thrown in the sand is for sale -- and one prospective buyer is looking for partners to go in at $1,000 apiece.

The 9-acre island, also known as Pine Key, is located near MacDill Air Force Base and Apollo Beach and was created in the 1940s as a result of dredging -- the process of relocating sand and other materials from construction sites.

The island, which was planted with Australian pine trees to help prevent erosion, earned the nickname "Beer Can Island" due to being littered with empty beverage receptacles from decades of parties.

Russell Loomis and three friends purchased the island in 2017, and cleared what he described to WKMG-TV as "300 or 400 bags worth of" trash from the property.

The owners installed attractions including a giant slide, portable bathrooms and tiki bars to attract visitors.

Loomis said the island project was successful for a time, but the owners decided to close the island earlier this year due to the long work hours required to maintain the island and costs from repairing damage done by Hurricane Idalia.

"If I had an extra $10 million to dump into it, I would beautify the place even more, but I just don't have the resources for it. So that's one thing," he said. "And then secondly, I live an hour and a half away, and getting over there is a chore. And it's even worse coming home at the end of the night, you know? I'll head out there at 6 a.m. and usually don't get out of there till 9 o'clock at night."

The island was listed for more than $14 million, but one prospective buyer, Nick Lipidarov, announced a "Save Beer Can Island" project that would allow other members of the public to buy a stake in the land for just $1,000 each.

Lipidarov said money pledged by participants is being kept in an escrow account and will be returned if his group fails to buy the island. He said any money left over after buying the island would be spent on taxes, legal fees, the cost of a website and other maintenance costs related to the island.

"I don't think too many people are gonna go out and purchase an island, so there's an opportunity for all of us to own an island together, which is a pretty neat opportunity," Lipidarov said.

He said everyone who pays $1,000 to the project will have the opportunity to vote on issues including whether the island will be open to the public and what should be installed at the site.