APOLLO BEACH, Fla. — The past four years have been a fun ride for Russell Loomis. What started as a search to find the perfect spot for his floating tiki bar is now ending in an auction for a part of one of Tampa Bay's most iconic drinking spots.
Loomis recently announced he would be selling his share of Beer Can Island to the highest bidder in exchange for the cryptocurrency Bitcoin.
The co-owner's 21 percent of the island - along with 12 percent from two other business partners - will be auctioned off starting March 15.
Loomis said he's ready to move on from the island and is focusing on spending more time with his children. His commute to and from the island was about three hours round trip every day.
"I have a wife and three kids so [the traveling] makes things difficult," Loomis said.
He also adds that he's "over" dealing with the legal battles against Hillsborough County's code enforcement. Loomis says the county and Beer Can Island have gone to court twice over zoning issues. According to Loomis, the island is currently in the process of being zoned, but the application and legal fees have started to add up.
"I do like a good fight, and I like to be right," Loomis said. "Every time the government's come after us for what we're doing, we've beaten them every single time. And, I'm happy to be able to say that and I'm proud of that. However, I have other projects I want to work on."
Loomis says he's really big on cryptocurrency. He claims he's been exchanging and trading Bitcoin for three years. Right now, Bitcoin stocks are doing well and it's why he's decided to sell his share for the digital currency. He wants to invest a "big chunk" in it.
The rest of the money used to purchase Loomis' share will go to the island itself in order to deal with erosion and other future projects.
Before Loomis and his partners arrived, Beer Can Island was a popular hangout spot for boaters just off Apollo beach, right in the middle of Tampa Bay. In 2018, the owner sold the undeveloped island to Loomis' group for just under $64,000.
Those interested in owning a third of the island will have until April 2 to place a bid online.
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