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As long as the structure below the water is solid that would be a cool place to fix up. You could even do a bed and breakfast type of thing with it and charge more because of it's uniqueness.
 

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Yeah.

Till that first Nor'easter!
Take Old Orchard Light that was sold to the public a few years ago. Here is a summary from Wikipedia at http://en.wikipedia.org/wiki/Old_Orchard_Shoal_Light:

On May 29, 2007, the Secretary of the Interior identified Old Orchard Shoal Light Station as surplus under the National Historic Lighthouse Preservation Act of 2000. The property was described at as:
Gedney Channel/Lower New York Bay, 3.5 miles south of New Dorp Beach. Remote 35 ft. conical, 3-story “spark plug” style light (1893) with keeper’s quarters (approx. 1000 SF). Interior lined in brick up to 3rd floor. On 0.72 acre submerged land. Constructed of cast iron on concrete/cast iron caisson. Markings: white upper/black. Protective riprap and breakwater sheltering light’s boat basin. Accessible by boat only."[SUP][8][/SUP]
No group was identified under the National Historic Lighthouse Preservation Act as willing and able to preserve the Old Orchard Shoal Light, and on June 5, 2008, the General Services Administration placed the light up for sale via an auction. The initial bid was $10,000 and the light finally closed on August 27, 2008 at a final bid of $235,000.[SUP][9][/SUP]
The lighthouse was destroyed by Hurricane Sandy on October 29, 2012.
 

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Yup.Exactly what popped into my head when I saw this one for sale...

Old Orchard was there one minute and gone the next.

Now theres just a few bbricks as any sign it was ever there...
 
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