Former Site of Al Capone's Historic Palm Island Estate Sells For $21 Million

The former site of Al Capone’s longtime Miami Beach estate has traded for $21 million, marking the latest chapter for one of the city’s most historically recognizable residential properties.

Located at 93 Palm Avenue on Palm Island, the now-vacant waterfront property features 100 feet of frontage on Biscayne Bay. The site was previously home to the sprawling estate once owned by the notorious Prohibition-era crime boss before the residence was demolished in 2023.

The $21 million transaction represents a significant increase from the property's previous $15.5 million sale price.

According to public records, Jordan Karp of Jordan Karp LLC and Joel Lusky of The Brokerage South Florida represented the seller in the latest transaction. Mirce Curkoski and Albert Justo of ONE Sotheby’s International Realty represented the buyer.

Beyond its waterfront location, the property carries a distinctive place in Miami Beach history because of its connection to Capone. According to public records previously reported by PROFILEmiami, Capone acquired the Palm Island estate in 1928.

The original Colonial-style residence was built in 1922 and was part of an approximately 30,000-square-foot home. After acquiring the estate, Capone reportedly invested approximately $200,000 at the time into improvements that included a gatehouse, seven-foot wall, searchlights, cabana and coral rock grotto.

The property remained with the Capone family for decades. Following his ownership, the estate remained in the family until 1952, when it was sold by his wife, Mae Capone.

More than 70 years later, the century-old residence was demolished in August 2023 following a prolonged debate surrounding its potential historic preservation and vulnerability to flooding.

The demolition followed a change in Florida law that limited the ability of local preservation authorities to prevent owners from demolishing certain single-family homes in designated flood zones or properties situated below base flood elevation when the owner opposed historic designation.

Check out PROFILEmiami’s tour of the original residence before demolition.

Previous owners and developers had maintained that the aging residence was approximately three feet below sea level, experienced recurring flooding and required substantial repairs. Following the change in state law, the Miami Beach Historic Preservation Board canceled a scheduled evaluation hearing after losing jurisdiction over the property under the new regulations.

With the historic residence now gone, 93 Palm Avenue represents a vacant waterfront development opportunity on Palm Island, pairing 100 feet of Biscayne Bay frontage with a location tied to one of the most infamous figures of the Prohibition era.

The latest $21 million sale effectively begins another chapter for the property nearly a century after Capone first acquired the Miami Beach estate.

Images via PHOTOSTETIC

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93 Palm, Al Capone's Former Palm Island Miami Beach Mansion Hits Market For $14.9 Million

 93 Palm, Al Capone's former Miami Beach estate located on the prestigious Palm Island has hit the market after undergoing recently completed restoration for $14.9 million. The sprawling estate of the legendary prohibition-era gangster was meticulously restored to much of its original splendor following an extensive restoration in 2015 by Miami-based wealth and investment management company MB America.

“The illustrious history and prime location of this residence cannot be overstated,” said list agent Nelson Gonzalez, Senior Vice President Nelson Gonzalez of EWM Realty International. “Nearly 100 years later, this home is truly a rare gem on the water.” 

According to public record, Al Capone bought the home in 1928 following a stint at Alcatraz. He reportedly went so far as to spend $200,000 (at that time) to install a gatehouse, seven-foot-high wall, search lights, a cabana and coral rock grotto. The home remained in his family until 1952 when it was sold by his wife, Mae Capone.

The colonial-style, 30,000 SF property, which was built in 1922, features 100' of waterfront on Biscayne Bay. The lush secluded property, dotted with century-old trees, is anchored by a four-bedroom, three and a half-bath main villa. Some of the original features include the black-and-gold Art Deco powder room, 1920’s ceiling lights, the fireplace in the living room, and the porch. French doors, hardwood floors, columns, open archways, and multi-pane, double-hung windows complete the timeless appearance of the interiors.  

Outside, a 30' by 60' pool sits adjacent to a stately two-story cabana, which comprises a water-facing terrace and a half-bath on the first level, and one bedroom and a full bath with a glittering tile mosaic on the second. The original gatehouse, located at the front of the property, has furthermore been converted into a two-bedroom, one-bath guesthouse.
 
“This is one of the most significant estates in South Florida, now on the market for the first time since its restoration,” said Gonzalez.  “The attention to detail by MB America has preserved the home’s unique 1920’s attributes, yet its slew of modern conveniences and top-of-the-line amenities make it a lucrative draw for well-heeled buyers.”