Fort myers beach, Red coconut RV park sells 52 million

[rapmarks]

Developer buys RV park with beachfront for 52 million On Fort Meyers Beach. Park was devastated by Ian and former owner say it would have cost her three million to open it back up.

 

[4TimeAway]

That sounds crazy, but it's easier to clean up and build an RV park that a messed up building and more importantly faster.

 

[rapmarks]

It won't be an RV park again, prime real estate

 

[LMD]

I feel like this is what is going to happen to a lot of FMB. It will never be the same

 

[JudyH]

I loved that RV park. So sad.

 

[Roger830]

Apparently the family was planning to sell it before the storm.
It's 10 acres with 400 feet of beachfront.
The land was purchased in 1984 for $700,000.

Red Coconut RV Park site sells for $52M on Fort Myers Beach - Gulfshore Business

Red Coconut RV Park, which had operated under continuous ownership at 3001 Estero Blvd., from February 1984 until Sept. 2022, changed hands.

www.gulfshorebusiness.com

 

[simpsontruckdriver]

Apparently the family was planning to sell it before the storm.
It's 10 acres with 400 feet of beachfront.
The land was purchased in 1984 for $700,000.

Using the CPI Inflation Calculator, $700,000 in 1984 = $2,064,536 today. I know, land values far exceed inflation, but Inflation Calculators put it into perspective.

TS

 

[TheTimeTraveler]

Apparently the family was planning to sell it before the storm.
It's 10 acres with 400 feet of beachfront.
The land was purchased in 1984 for $700,000.

Red Coconut RV Park site sells for $52M on Fort Myers Beach - Gulfshore Business

Red Coconut RV Park, which had operated under continuous ownership at 3001 Estero Blvd., from February 1984 until Sept. 2022, changed hands.

www.gulfshorebusiness.com

Pretty nice return on their investment despite holding it for nearly 40 years.... And I'm confident it showed a nice profit for each of those 40 years (except 2022 & 2023).





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[theo]

I learned today that Lahaina Inn Resort (timeshare) property, which is also located on Estero Blvd on Fort Myers Beach, not far from the above mentioned but now washed away Red Coconut RV Park (Lahaina Inn's buildings were also destroyed by Hurricane Ian on 09/28/2022), is still "on the market" today, nearly a year later --- for $30 million.

Lahaina Inn Resort owners overwhelmingly voted not to rebuild after Ian, but I had previously been of the (apparently mistaken) belief that the property had been promptly sold soon thereafter. The Lahaina Inn sand / parcel on the Gulf side of Estero Blvd. is about 2.2. acres; a smaller piece on the opposite side of Estero Blvd. is about .4 acre.
Just sharing this tidbit of useless information for anyone with $30 million burning a hole in their pocket, seeking a Gulf front FMB parcel of sand on which to build.

If the 10 acres of the destroyed and departed Red Coconut RV Park (formerly located a bit north of Lahaina Inn on the same side of the same road) fetched $52 million, the nearby Lahaina Inn parcel of only 1/4 that size might be overpriced at $30 million, but who knows? Such stratospheric numbers for exposed parcels of sand on a narrow, exposed SW FL barrier island escape my comprehension anyhow. Somehow, the phrase "castles in the sand" comes immediately to mind.

 

[amycurl]

Apparently, the HOA had a buyer for the Lahaina Inn, but those buyers wanted a zoning change that would have extended the sales process 14-18 months, which the HOA board found unacceptable, and the contract was cancelled in June 2023. For the timeshare nerds amongst us (*shifty eyes*,) there's actually a recently updated thread of the whole timeline that pops up once you land on their homepage: https://lahainaresort.com/.

If only the HOA board at Kauai Beach Villas had such transparent communication.,,,

 

[PigsDad]

Would somebody please explain to me why a trailer park was ever allowed on a barrier island that was only a few feet above sea level? Seemed like people had to know some storm would completely wipe it out at some time, as there is no way to make mobile homes hurricane-proof.

Kurt

 

[theo]

Would somebody please explain to me why a trailer park was ever allowed on a barrier island that was only a few feet above sea level? Seemed like people had to know some storm would completely wipe it out at some time, as there is no way to make mobile homes hurricane-proof.

Kurt

That RV park was there for nearly 40 years (since 1984) before Hurricane Ian. While it certainly may not have been wise or prudent to have ever put it there in the first place, I would venture to guess that there were few (if any) restrictions actually prohibiting it in 1984. Fort Myers Beach did not even become its’ own town / municipality until 1995.