Several universities (JHU, MIT) and governmental agencies (BOEM, NASA, NOAA, NAVY) have used the tower's unique location to perform vital research over the last decade as it is being restored.

[3] The Coast Guard considered demolishing the light for use as an artificial reef, but instead held an online auction where the winning bid was by a South Carolina diving and research firm Shipwrecks, Inc. in 2009 for $515,000.

However, the company failed to make the down payment,[5] and subsequently the tower returned to government hands and was sold again in August 2010 for $85,000 to a private individual, Richard Neal of Charlotte, North Carolina.

[4] In August 2011, the Frying Pan Tower was directly hit[6][circular reference] by Hurricane Irene with measured winds of 67 mph (108 km/h) and waves of 28 ft (8.5 m).

Media coverage in the hours before the storms landfall noted the American flag on Frying Pan Tower being torn to shreds by the extreme conditions as the hurricane approached.

Starting in 2018 and finalized in 2019, Neal divested all ownership interest to focus on the restoration efforts as the Executive Director of FPTower Inc., a federally registered 501(c)(3) nonprofit.

FPTower Inc. is organizing the restoration with volunteers, donations, and active promotion of the tower as a resource for education, research, and as an iconic piece of American Coast Guard history.