Where there is shown to be a benefit to the greater public then popular opinion should not handcuff the state when it comes to spending money to achieve this benefit. Although not palatable to many, power and wealth are nothing to be ashamed of and in this instance the state should feel justified in spending money for this beach to be opened up.
To be blunt, it was his property that he legally purchased. If he chooses to sell said property for whatever a person or group will pay, it is his prerogative. In my opinion, this has nothing to do with holding something hostage, as some might allege. Instead, this should be seen as nothing more than a shrewd business maneuver.
The American tax payer should not be responsible for supporting a man who already has the means of supporting himself. The idea of making the beach public may seem as thought it will be open to those who paid for it. Yet since the billionaire will be the sole owner of the beach he will also receive the profits from any part of the property sold. That means if any hotel would like to have a property on the beach, the billionaire is the only one who will see financial return on the investment. The individuals who gave money will still only gain the ability to use the beach when they can.
Rich people think that just because they have money they have the ability to obtain anything they desire. This is not so. A beach is a public place that should be maintained by the city or county that it is located in. The beach is for people to enjoy not for some rich guy to profit off of.