ISLAMORADA, Fla. — One of the Florida Keys’ most recognizable waterfront watering holes is on the market.
The Lorelei Restaurant and Cabana Bar, a longtime Islamorada landmark known for its larger-than-life mermaid, open-air dining and nightly sunset celebrations, is being offered for $23 million, according to a BizBuySell listing.
The sale includes the operating restaurant and bar, its real estate at 96 Madeira Road and an assortment of development and waterfront assets near mile marker 82 on the bayside of Upper Matecumbe Key.
The listing describes the property as approximately 8 acres, including submerged bay bottom, with more than 1,000 feet of waterfront and 495 feet of frontage along U.S. 1.
It is right down the street from former baseball great and legendary angler Ted Williams’ long-time home. World famous guides and anglers including Andy Mill, Stu Apte, Lefty Kreh, Steve Kantner, Charles F. Waterman, Rusty Albury and Craig Brewer have all called the Lorelei home port at one point or another.
A new parking lot was completed in 2020. The offering also advertises room for additional dockage, expansion and development as a destination wedding venue.
But the Lorelei property represents more than a restaurant and bar. Its marina serves as home base for a collection of licensed charter captains, including some of the world’s most accomplished saltwater flats and backcountry guides. From its docks, anglers depart for bonefish, permit and tarpon trips across Florida Bay and into Everglades National Park.
The property also sits directly beside the historic Islamorada Fishing Club at 104 Madeira Road. Founded in 1950, the private club recently completed a three-story clubhouse after its nearly 70-year-old building was demolished in 2023. The rebuilt club opened in November 2025, reinforcing the small waterfront enclave’s place at the center of Islamorada’s sportfishing culture.
The club describes its membership as including fishing pioneers, tournament anglers and world-record holders. Together, the Lorelei marina and neighboring fishing club occupy a stretch of shoreline deeply connected to Islamorada’s reputation as the “Sportfishing Capital of the World.”
The sale listing says the Lorelei employs 80 people. Its revenue, cash flow and earnings were not disclosed. Prospective buyers must sign a nondisclosure agreement and provide proof of funds before receiving additional financial information.
The property and business are being marketed by Brian Lindback of Berkshire Hathaway HomeServices Keys Real Estate. The Lindback family has owned the Lorelei for decades and has deep ties to Islamorada’s tourism, real estate and hospitality industries.
The property previously appeared in real estate listings at $18 million after being placed on the market in February 2025. The current asking price is $23 million. A Lindback Team promotional post published in October 2025 described the offering as the first opportunity in decades to purchase the landmark business and property.
The current listing’s acreage differs from that earlier promotional material, which described the site as more than 5 acres. The larger figure in the current advertisement includes bay bottom. BizBuySell notes that information in its advertisements is supplied by sellers or their representatives and is not independently verified by the website.
The Lorelei traces its roots to 1952, according to published histories and local tourism materials, although the current sale listing identifies the business as having been established in 1965.
Its waterfront mermaid — a blonde, reclining roadside siren visible from Overseas Highway — has become nearly as recognizable as the bar itself. The landmark figure was restored and repainted by a local artist in 2024.
The Lorelei markets itself as “The Pulse of Islamorada,” serving breakfast, lunch and dinner daily while hosting live music and sunset celebrations overlooking Florida Bay. It has also served as a gathering place for weddings, fishing tournaments, fundraisers and community events.
The business remains open from 7 a.m. to 10 p.m. daily, according to its website. The sale listing does not indicate that the Lorelei is closing or that its operations will change while a buyer is sought.
For now, the drinks are still pouring, the bands are still playing, the flats skiffs are still leaving the dock and the mermaid is still beckoning travelers off U.S. 1.
But for someone with $23 million — and proof of it — the sunset could come with the deed.