“Honey, I Bought an Island Over the Phone”

The Big Picture on How Three Friend Bought An Island:

• • A spontaneous idea fueled by curiosity and drinks led three friends to buy a $60K private island in Florida, sight unseen.

  • With no utilities or infrastructure, the team explored off-grid concepts like container homes and eco-camping retreats.

  • Though still unused commercially, the island’s value has doubled, offering low holding costs and long-term potential.

Ever dreamed of owning a private island? For most, it’s a fantasy. For real estate investor Mike Cassette and two of his friends, it became a reality—during the pandemic, no less—for the unbelievable price of just $60,000.

This is the story of how three guys, a late-night idea, and some real estate know-how turned an impulsive conversation into an actual island investment.

The Wild Idea That Sparked It All

It started, as many great stories do, with a few drinks. Mike was catching up with an old friend visiting from Florida when the topic of Hipcamp came up—a peer-to-peer platform like Airbnb, but for camping.

The idea of renting land to campers intrigued Mike’s friend, who apparently stayed up all night researching. The next morning, he showed up at Mike’s door with a listing: an undeveloped private island for sale in Florida.

“I had zero experience buying islands,” Mike laughed. “But I told him, ‘Let’s see what happens.’”

The Island Purchase (and Why It Was So Cheap)

The island had just hit the market due to a health crisis in the seller’s family. With demand low in early COVID and the location being coastal and undeveloped—aka, difficult to finance—the price was slashed in half. But it was still a cash-only deal. No banks were interested.

Mike had a feeling his buddy would ask him to go in on it—and he was right. So he did what any real estate veteran would: called a second friend to join the venture, spreading the cost and risk between three people.

In August 2020, they officially became island owners.

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Turning an Island Into an Asset

Buying an island is one thing. Figuring out what to do with it is another.

With no utilities (electricity, sewer, or water access) and environmental restrictions galore, traditional development was out of the question. But creative solutions were on the table:

• • Container homes with solar power and rainwater systems 
  • Buried camping supply units (think: unlockable containers with all your gear inside) 
  • Eco-camping or yoga retreats, which local universities and environmental groups had shown interest in 

Of course, hurricanes and tidal issues made even camping logistics tricky. But the team kept experimenting.

From Man Cave to Potential Gold Mine

Beyond the business ideas, the island offered something more priceless: a place for the three friends to unplug, fish, bond, and reflect on life and business.

That alone made the investment worthwhile. But there’s more upside.

While the island doesn’t generate income yet, its value has doubled since 2020. Originally purchased at around $100K/acre, similar properties now go for $200K+ per acre.

And with annual taxes around just $300–400 total, the holding costs are minimal.

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What’s Next?

Mike and his co-owners are in no rush to sell. But they’re exploring ways to monetize, whether that’s through camping rentals, events, or even the quirky “beer island” business model (yes, that’s a thing).

“It’s not just a novelty. It’s an appreciating asset—and an experience,” says Mike.

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