I'm seeking for the name of the film, director and actors about a movie of a young (possibly a fisherman) owns a beach house and I think has a octopus in a fish tank for a pet. Has a beach bum elderly friend who plays a jazz instrument. End of film, the bum dies from drowning. Does anyone recognize this film? >Email address removed per site rules<. Many thanks!

Cannery Row (1982)
Wikipedia synopsis:
The story is about the skid row citizens of Monterey, California, set on the row during World War II. As declining fish stocks are shutting down a previously rich fishery and the dependent canning industry, bums and hookers lead colorful and adventurous lives in a balmy seaside setting.
Doc (Nick Nolte), a self-employed marine biologist, lives in a dockside warehouse and researches octopi. Suzy DeSoto (Debra Winger), a girl from the local bordello, is working there only out of necessity.
A collection of linked vignettes describe the locals and life on Cannery Row. It is depicted as an impoverished area inhabited by a motley band of people who have experienced failures but somehow have found their niche and a community of strangely kindred souls.
Doc and Suzy don’t quite fit in but are accepted. Mac and the boys gather frogs to sell to raise money for a surprise party for Doc. Unfortunately, it turns into a brawl in which Doc’s octopi tank is shattered.
Another character, the Seer (Sunshine Parker), spends his days playing his horn and wandering along the beach. /// He's the one who drowns.

http://en.wikipedia.org/wiki/Cannery_Row_(film)