Did/does Hot Dog Beach really exist?

I was born and raised on the island, but moved away just as I got my drivers license. I'd heard of Hot Dog Beach, but never had a chance to check it out. Was it a real place, or was it urban legend? It's been 35 years since I left, and I've never known for sure. Rumor had it it was at Smiths Point, turn left when you get to the beach. Was it real, or just another time someone was pulling my leg?

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