Historic Florida Property Where Al Capone Died Hits Market: 30,000-Square-Foot Lot for $23.9 MillionFebruary 9, 2024
A landmark Florida property, the site where notorious gangster Al Capone breathed his last breath in 1947, is now back on the market as an expansive empty lot spanning 30,000 square feet. The asking price is $23.9 million.
Situated on Palm Island, an artificial islet in the picturesque Biscayne Bay just off the coast of Miami, this property has been at the heart of a longstanding tussle between local preservationists and various developers. Despite efforts to preserve its historic significance, the property was eventually razed last summer. The owner, registered as a limited liability company, is presenting the vacant lot as a canvas for prospective buyers to construct their own bespoke mansion.
For many decades, Capone called this place home, residing in an elegant Spanish Colonial-style villa, which he acquired for a modest sum of $40,000 back in 1928 (equivalent to approximately $850,577 in today’s currency). The now-demolished residence boasted luxurious amenities, including a private beach, a gatehouse, and an expansive 60-foot pool complete with a cabana, serving as the backdrop to Capone’s final days before succumbing to a heart attack at 48.
According to Dina Goldentayer, the listing agent from Douglas Elliman, the waterfront lot now offers the potential for a new mansion spanning up to 15,000 square feet. Goldentayer, who recently listed the property, describes its location as the new hub of luxury estates on the island, with the added allure of being surrounded by homes valued at $50 million and above. The lot features 100 feet of waterfrontage, enhancing its appeal to discerning buyers seeking premium waterfront properties.
In a transaction dating back to 2021, the property changed hands for $15.5 million when the owner acquired it from developer Todd Michael Glaser and his business partner Nelson Gonzalez. Their proposal to demolish Capone’s former abode faced staunch opposition, with the sale initially perceived as a means to safeguard the estate from destruction. However, despite these efforts, the historic residence met its demise in August, a move decried by the Historic Preservation Association of Coral Gables as “nothing less than sacrilege.”
Goldentayer suggests that beyond its association with Capone, the property’s appeal lies primarily in its prime location within a gated community and its substantial size. Wealthy buyers have long been attracted to Palm and Hibiscus Islands for their expansive parcels, heightened security measures, and proximity to popular amenities and destinations. The rarity of a parcel of this caliber on Palm Island is expected to be a key draw for potential buyers, underlining its status as a coveted piece of real estate in the region.