A New York Times article from 1986 still lists the museum as a great place to visit in Central Florida but from what I can tell, the collection was donated to the Florida State Museum of Natural History in Gainesville sometime soon afterwards. Today the building houses the school's Environmental Studies Department.
My Mother-in-law remembers visting as a child and in particular the iconic giant clam shell. A google search brings up many postcards of small children sitting in the enormous mollusk. Later a water fountain was added to the inside of the shell. The premier artifact seemed to have been a carved cameo featuring Aurora (the dawn) formerly owned by King Victor Emanuel of Italy. The inside of the museum's brochure reads: "Seething with life the ever-changing tides cast their fresh haul upon the shore. Some of these treasures of uncommon beauty are the shells of the lowly animals known as mollusks." It's a shame the museum is no longer open. It makes me wonder how many odd little attractions are still out there, treasures of the tides just waiting to be uncovered.