In 1935, Buzz Shonnard, a businessman from Palm Beach, Florida, leased the land from the Bahamian government and built a small hotel, attracting anglers and tourists to the island.

[5] One of Walker's Cay's seasonal residents was American businessman Robert Abplanalp, the inventor of the modern-day aerosol valve for spray cans.

[3] Walker's Cay was particularly known as a location for billfishing, with huge Atlantic blue marlin caught in the area; angling for bonefish was also popular there.

[6] During World War II, Walker's Cay was used by the U.S. Navy as an advanced base for maritime patrol seaplanes from Scouting Squadron 39.

[10][11] In April 2018, Walker's Cay was sold to Texas businessman and philanthropist Carl Allen, who announced redevelopment efforts.