Iconic Florida Keys Property Sells For $14.8M

Billy Nash, founder of Nash Luxury at Illustrated Properties (IPRE) – a member of The Keyes Family of Companies, sold yet another Old Florida hidden gem – this time in the Florida Keys – with the sale of the iconic Geiger Key Marina, Restaurant, RV Park and Fish Camp, offered at $17.5 million.

Bobby Mongelli, owner of Geiger Key since the 1970s, sold the mixed-use property to Parakeet Communities. Based in Rockville, Maryland, Parakeet specializes in operating manufactured housing communities throughout the U.S. It has more than 25 communities in Florida alone and is actively seeking acquisitions to add to its portfolio of premier properties.

The transaction closed on Aug. 31. Nash led a discreet marketing process for Geiger Key, qualifying the right buyer for the unique property.

“Early in the pandemic, I felt there would be strong demand for remote and private destination properties like Geiger Key and Quail Creek,” said Nash, who also closed the $10.7 million sale of a waterfront compound on Marathon’s Grassy Key in 2021. “Geiger Key is a fishing, boating and restaurant destination set in a tropical paradise with a laid-back feel and the old school charm of the Florida Keys. I am proud to successfully list this gem on behalf of Bobby Mongelli, who was an incredible steward of the island for many decades and a very successful entrepreneur.”

Nash partnered with David Kendall, a marina sales expert and senior advisor at SVN Florida Commercial, in the transaction.

Named after Captain John Geiger, one of Key West’s early residents, Geiger Key is conveniently located within 30 minutes of Old Town. It includes an RV park with nearly 40 pads available for rent, a boat basin, restaurant and tiki bar. Parakeet plans to operate the property as is, maintaining the rich tradition of Geiger Key.

Mongelli and his family own and operate another iconic Florida Keys property, Hogfish Bar & Grill, and Roostica Wood-Fire Pizzeria on Stock Island.