Originally known as Camp Panama, Craig Key was a small enclave along the route of the Overseas Railroad. Initially serving as a flag stop for the railroad, its transformation began in the early 1930s when Roland W. Craig secured a lease for the island from the railroad company. By 1935, the island had adopted the name Craig, Florida. However, tragedy struck in the form of the devastating 1935 Labor Day Hurricane, which obliterated the town. Despite the destruction, Craig Key was rebuilt and thrived as a popular vacation destination. The town officially changed its name to Craig Key in 1971.
In 2009, the Florida Department of Transportation undertook the rebuilding of the Overseas Highway, eradicating all remnants of Craig Key, save for two islands.
The story of its genesis is rather mundane and regrettably familiar. The owner initiated construction of a home and developed the property, only for financial woes to halt progress, eventually leading to its abandonment. What remains today is but a hollow shell of the envisioned oceanside mansion.
