Officials say Navarre Beach State Park workers found a bale of about 28 bricks of cocaine wrapped in plastic and burlap.
Deputy Jerry Henderson says the cocaine is 90 percent pure and its street value could be higher if it was “cut” and resold.
Henderson says though the cocaine was found Saturday, officials waited several days to announce the discovery to ensure no other bales were nearby and to prevent the public from hunting for more floating drugs.
Officials say a smaller amount of cocaine, about four pounds, was found in Plaquemines, Louisiana. They speculate traffickers may have dumped the drugs overboard when stopped by federal authorities at sea.