Google says:
"RAY HOLE SPRING
Location.
Lat. 29°44'54" N., long. 84°02'30". Loran-A 3HO-H039, 3H3- 3500; bearing 135 and 11 mi from Bell Bouy 24. Ray Hole Spring is 55 mi SSE. of Tallahassee or 24 mi bearing 160 from St. Marks Light- house in Apalachee Bay. Ray Hole is 25 ft in diameter and is in 38 ft of water; its depth from the surface was sounded as 60 ft. The northwest side of the hole slopes southeast and the southeast side is nearly vertical. A cave strikes down and southeast from the 60 ft. depth, for 100 ft or more. The location and description of the spring were reported by Galveston Alexander, Captain of the commercial fishing vessel Baja out of Shell Point, in a November 23, 1976 letter. Captain Alexander also wrote:
When we first found the spring, Charles Clements and Marsha Shelhouse dove it and were greeted by a large ray -- (the spring) was loaded with grouper and other various fish and seemed to be discharging water. The next time he (Clements) dove the hole it seemed to be drawing in water very slightly and there were very few fish in the hole (but) a lot of fish on the rocky bottom around the outside"
Found at
http://www.flmnh.ufl.edu/springs_of_florida/submarine.html
More interesting goodies here:
"EARLY MAN LIVED IN THE GULF OF MEXICO
When glacial ice covered large parts of North America, sea-level in the Gulf of Mexico was much lower than it is today. During the glacial period, early inhabitants of the southeastern United States lived on these exposed lands. Who were these people and what did they do along the now-flooded parts of the Gulf Coast? Researchers from Louisiana and Florida are finding clues to answer these questions. Ray Hole Spring is a cave located nearly two miles offshore below 36 feet of water in Apalachee Bay, Fla. This cave, which has been investigated for more than 10 years, has yielded evidence of activities of early man on the Florida Outer Continental Shelf. Divers have used hand excavations, hydraulic dredging, and coring techniques to recover archaeological artifacts of human habitation in and
around the spring. Ray Hole Spring is the oldest and deepest site found so far in the Gulf Coast where evidence of early man can be found. Radiocarbon dates of wood collected with the artifacts indicate that humans lived there between 8,500 and 9,000 years ago.------"
Here's the site it came from,
http://www.auburn.edu/administration/univrel/news/archive/3_97news/3_97geology.html
Interesting, and in recreational limits