REAL ESTATE: Hog Alias Honeymoon

Year ago a shrewd, rich St. Petersburg, Fla. real-estate promoter named Clinton Mozley Washburn picked up a subtropical island for a figurative song. Three hundred acres of tangled mangrove, pine, palm and sandy beach, just off the Florida Gulf Coast 23 miles northwest of Tampa, the property (Hog Island to the natives; Caladesi to mapmakers) apparently wasn't worth much in the nude. Promoter Washburn, who holds a big backlog of Florida real estate (including some $250,000 worth of cheaply bought Gulf Coast property), saw possibilities in Hog Island.

With the onset of...

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