Bargain beacons? Coast Guard offers Florida lighthouses as free fixer-uppers
But the cost of restoring the historic lighthouses would be anything but light
The feds are offering four Florida lighthouses free of charge to qualified entities. The catch? New owners may have to spend seven-figure sums to make them habitable and operable.
The Coast Guard is offering four historic Florida lighthouses built before and after the Civil War, according to the New York Post. Each structure would cost an estimated $2 million to $3 million to restore it to full functionality, according to Eric Martin, president of the Florida Keys Lights Foundation.
If the Coast Guard is unable to give away the lighthouses to an eligible entity such as a non-profit group or educational organization, ownership could be transferred in a public auction.
Martin said if a lighthouse preservation group like his fails to take ownership of the Florida lighthouses, they could be converted to a commercial use such as a bed-and-breakfast resort. [NYP] – Mike Seemuth