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 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
Past PROFILEmiami articles about homes on Palm, Hibiscus & Star Island:
A waterfront estate at 270 S. Hibiscus Drive has sold for $51.5 million, setting new records for both sale price and price per square foot on Miami Beach's guard-gated Hibiscus and Palm Islands. The transaction surpassed the previous record sale of approximately $40 million, despite that property encompassing a larger residence on a larger lot.
Sean "Diddy" Combs has sold one of his two waterfront estates on Miami Beach's prestigious Star Island in an off-market transaction valued at $55 million, according to property records. The sale involves the bayfront residence at 1 Star Island Drive, a property Combs acquired in 2021 for $35 million. Public records show the seller was an entity tied to Combs, while the buyer is JFStar LLC, a Virginia-based company led by John A. Franklin.
Robert Rivani, Founder of disruptive real estate firm RIVANI, has acquired a premier waterfront estate on Miami Beach’s exclusive Palm Island for $23 million. The property is set to undergo a multi-million-dollar transformation into one of the island’s most prestigious private residences.
43 Star Island, previously owned by Rosie O'Donnell, has just been listed for $54 million by Compass agent Liz Hogan. Set on over an acre of land overlooking 203 ft of prime waterfront, the 11,104 sq ft. private tropical oasis is currently the only home for sale on the island.
A waterfront estate on Miami Beach’s Palm Island has hit the market for $48.5 million. The tropical modern waterfront mansion is designed by renowned architect Caesar Molina and spans nearly 15,000-square feet of stunning amenities and unparalleled, museum-like interiors furnished by Artefacto.
Attorney Roy Black and his wife Real Housewives of Miami-star Lea Black, have listed their Star Island home for $37.5 Million. Saddy Abaunza Delgado with ONE Sotheby’s International Realty has listed the property alongside Elena & Stefano Iturriaga of London Real Estate Company. Located at 45 Star Island, the property is nestled along Biscayne Bay and provides 180-feet of waterfront access, a rarity on the island.
320 S. Hibiscus Drive on the guard-gated enclave of Hibiscus Island in Miami Beach has hit the market for $37.5 million, listed with The Jills Zeder Group. The home includes seven bedrooms and seven-and-one-half bathrooms spread over 7,818 square-feet of living space with 90 feet of prime waterfront along azure Biscayne Bay.
The first estate built on Star Island in 1924 has sold for $57 million following an ultra-luxe mega-expansion. The transaction is one of the highest prices paid for a modern home in Miami-Dade. The seller was represented by Dina Goldentayer with Douglas Elliman, while the undisclosed buyer was represented by Chad Carroll with The Carroll Group at Compass.
185 S Hibiscus Drive has sold for $5.1 million, setting a record ppsft for a non-waterfront home in the ritzy guard-gated neighborhood of Hibiscus Island. Per public record, the buyer is Brad Pitt's manager Cynthia Pett-Dante. Dina Goldentayer and Joseph Schafer with Douglas Elliman represented the seller and Jordan Karp of Jordan Karp LLC represented the buyer.
Music mogul and rap superstar Rick Ross has officially closed on 37 Star Island Drive for $35 million. Ross says the purchase was "a major piece to the puzzle" in building his already robust real estate portfolio. 37 Star Island Drive is a 12,374 square foot, 6 bedroom home situated on a manicured 40,000-square foot lot with 100-feet of waterfront on Miami Beach’s exclusive and ritzy Star Island.
Amidst being locked in a battle for the NBA Finals, Miami Heat all-star player Victor Oladipo has listed his Hibiscus Island home in Miami Beach home for nearly $10 million. The home is situated on an expansive corner lot within the prestigious guard-gated Hibiscus Island in Miami Beach. Unlike typical lots on the island, this property encompasses one and a half lots, offering a larger land size and an impressively spacious home.
37 Star Island Drive, a lavish waterfront estate on Miami Beach’s exclusive and ritzy Star Island, has hit the market for $37.5 million. The 12,374 square foot residence is situated on a manicured 40,000-square-foot lot, featuring 100 feet of water frontage facing Biscayne Bay and offers direct bay and ocean access. The home spans six bedrooms plus an office space, eight full bathrooms and one-half bathroom.
Miami Beach’s exclusive Star Island has emerged as the leader among the most expensive neighborhoods in the United States, leading Port Royal in Naples, FL and Beverly Hill’s Beverly Hills Gateway and Trousdale Estates, according to sales data from Zillow Group Inc. The average home sale on the ritzy island in 2022 traded for $40.2 million, up $16.7 million and 71% from 2019 when the average home sale on the island was $23.5 million.
A recently completed tropical modern spec-mansion on Miami Beach’s exclusive Palm Island has sold for a record $32 million, ringing in as the most expensive sale ever on the island. The buyer was represented by David Pullman with The Waterfront Team at ONE Sotheby's International Realty, while the seller was represented by Lourdes Alatriste with Douglas Elliman.
When a residential sale crossed the $100 million threshold for the first time in Miami-Dade County history in August as The Arsht Estate sold for $106,875,000, many wondered who the mystery buyer was. It has been revealed that multi-billionaire hedge fund magnate Ken Griffin, who founded and recently moved Citadel Securities from Chicago to Miami.
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A brand new waterfront spec home by Sabal Development at 165 North Hibiscus Drive on Miami Beach’s Hibiscus Island has sold for $15 million to the CEO of Farmasi North America. Marko Gojanovic of ONE Sotheby’s International Realty and Alejandro Diaz Bazan of Jills Zeder Group represented the buyer while Dora Puig with Luxe Living Realty represented the seller.
The first estate built on Star Island in 1924 has hit the market for a record $90 million following an ultra-luxe mega-expansion. Located at 27 Star Island, the sprawling estate offers history and the ultimate in contemporary living with two distinct homes spanning 25,000 SF of living space on an expansive 40,000 SF waterfront lot.
A waterfront spec home on Miami Beach’s prestigious Palm Island has sold for $29.5 million as real estate on the island continues to push higher. Located at 135 Palm Ave, the new construction home was developed by Sabal Development and was listed with Jeff Miller of ONE Sotheby’s International Realty and Mathieu Rochette of Compass.
Boxing legend Floyd Mayweather has dropped $18 million on a waterfront mansion on Miami Beach’s prestigious Palm Island. Mayweather closed on 288 South Coconut Lane on Palm Island nearly one year after he sold his home on Miami Beach’s Pine Tree Drive in October 2020 for $6.3 million.
Famed musician and producer partners Emilio and Gloria Estefan have sold their “guest estate” located at 1 Star Island Drive on the prestigious Star Island, for $35 million. The sprawling residence sits atop 58,332 SF of prime waterfront land.
Beach Carl Fisher, has finally sold for $39 million. The property was listed by Dora Puig and Alexa Iacovelli of Luxe Living Realty and Jill Hertzberg of The Jills Zeder Group at Coldwell Banker brought they buyer.
The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has expanded his Star Island assemblage with the acquisition of 10 Star Island for $25 million. In August 2020 an entity tied to Ken Griffin acquired the adjacent double lot with Miami Vice views of Downtown Miami at 11 and 12 Star Island Drive in an off-market deal for roughly $37 million.
Ultra-luxury real estate on Star Island is heating up amid the COVID-19 pandemic. Celebrity power couple Alex Rodriguez and Jennifer Lopez have acquired 13 Star Island Drive for $32.5 million and Ken Griffin, the billionaire hedge-fund manager and founder of the Chicago-based Citadel Securities, has acquired 11 and 12 Star Island Drive for $37 million.
A tropical modern mansion on Palm Island designed by Choeff Levy Fischman has sold for $20.5 million. Located at 19 Palm Avenue, the two-story home spans 9,386 square-feet complete with a $500,000 custom Fendi kitchen.
22 Star Island has sold for $49.5 million in an off-market deal after making waves through the Miami real estate community with its whisper price of $65 million. The buyer has requested to remain unnamed. The 17,000 SF spec mansion sits on the northern tip of Miami Beach’s Star Island, an exclusive enclave off of MacArthur Causeway on Biscayne Bay.
Shay Kostiner, managing director of Fifth Avenue Capital Partners, has sold his vacant lot at 44 Star Island for $10 million to Hartstone Investments. Techrin Hijazi of Brown Harris Stevens, who had previously co-listed the property, represented the buyer and seller in the transaction.
Designed by award-winning architects Choeff Levy Fischman, the opulent 19 Palm Avenue on Miami Beach’s Palm Island has listed for $23,500,000. The 9,600 SF residence leaves you in awe the moment you step onto its lavish motor court, boasting a colossal cascading water feature and British-made automobile rotating turntable.
For more information about homes and real estate on Palm Island please fill out the form below:
Winston Capital Affiliate Acquires Bay Harbor Islands Waterfront Homesite For $18 Million
An affiliate of David Burstyn's Winston Capital Management has acquired a premier waterfront homesite in Bay Harbor Islands for $18 million, marking a record land sale in the island community. Property records show Winston Bay Harbor purchased the nearly half-acre parcel at 10312 West Broadview Drive from a family trust in an off-market transaction that closed this week. The sale agreement, signed by trustee Noah Burton, was recorded in May.
An affiliate of David Burstyn's Winston Capital Management has acquired a premier waterfront homesite in Bay Harbor Islands for $18 million, marking a record land sale in the island community.
Property records show Winston Bay Harbor purchased the nearly half-acre parcel at 10312 West Broadview Drive from a family trust in an off-market transaction that closed this week. The sale agreement, signed by trustee Noah Burton, was recorded in May.
The north-facing waterfront property is expected to be redeveloped into a luxury speculative residence. The site offers enough development potential for an approximately 12,000-square-foot custom home, creating an opportunity for one of Bay Harbor Islands' largest new waterfront estates.
The transaction equates to approximately $914 per square foot of land. The property previously traded for $12.3 million in 2023, illustrating the rapid increase in values for premier waterfront homesites in Bay Harbor Islands.
Priscilla Burstyn of The Baron Agency represented the buyer in the transaction. The seller was represented by Zalmy Shapiro and Joel Lusky of The Brokerage South Florida, together with Jordan Karp of Jordan Karp LLC.
Burstyn serves as CEO of Winston Capital Management, a Miami-based real estate investment and lending firm. He is also a principal and co-founder of Redwood Dev Co, a development company focused on workforce and affordable housing communities.
The acquisition comes as Bay Harbor Islands continues to attract luxury residential investment due to its limited waterfront inventory and proximity to Bal Harbour, Surfside, and Indian Creek Island. The municipality has seen a series of notable residential transactions in recent years, including the 2024 sale of the waterfront estate at 9520 West Broadview Drive for just under $22 million. Earlier this year, another waterfront residence at 9640 West Broadview Drive sold for $21.8 million, establishing a new record for price per square foot in the community.
With demand for premier waterfront properties remaining strong and developable bayfront parcels becoming increasingly scarce, the acquisition at 10312 West Broadview Drive highlights the continued strength of Bay Harbor Islands' luxury residential market and the premium buyers and developers are willing to pay for exceptional waterfront homesites.
Images via Jordan Karp LLC
Past PROFILEmiami articles about Winston Capital Partners
An affiliate of David Burstyn's Winston Capital Management has acquired a premier waterfront homesite in Bay Harbor Islands for $18 million, marking a record land sale in the island community. Property records show Winston Bay Harbor purchased the nearly half-acre parcel at 10312 West Broadview Drive from a family trust in an off-market transaction that closed this week. The sale agreement, signed by trustee Noah Burton, was recorded in May.
Andrew Kurnit of DWNTWN Realty Advisors, the premier commercial real estate firm, arranged a $19 million construction loan from City National Bank of Florida for a townhome development in Opa-locka, Florida. Real estate investment firm Redwood National Properties, in a joint venture with David Burstyn of Winston Capital Partners, LLC, plans to build 112 four-bedroom, two-and-a-half-bathroom units on the 10-acre site.
For more information about 10312 West Broadview Drive or homes in Bay Harbor Islands, private showings or purchasing/ leasing information please fill out the form below:
Waterfront Estate In Bal Harbour Trades For $43 Million In Off-Market Transaction
A waterfront estate in Bal Harbour has traded for $42,973,750 in an off-market transaction, marking a record for the priciest sale in Bal Harbour this year. Located at 56 Bal Bay Drive, the newly completed waterfront estate offers 7 bedrooms, 8 full baths and one-half bath across 10,801 square feet of interiors on a sprawling 21,225 SF lot with 100 feet of prime water frontage.
A waterfront estate in Bal Harbour has traded for $42,973,750 in an off-market transaction, marking a record for the priciest sale in Bal Harbour this year.
Located at 56 Bal Bay Drive, the newly completed waterfront estate offers 7 bedrooms, 8 full baths and one-half bath across 10,801 square feet of interiors on a sprawling 21,225-square-foot lot with 100 feet of prime water frontage. Developed by Saber South Real Estate, the residence was designed by NMD NOMADAS and expertly constructed by Amarilla.
Per public record, the sellers are Michael G. Klinger of Saber Real Estate and his wife Michelle Klinger. They were represented by Dina Goldentayer with Douglas Elliman and Joel Lusky at The Brokerage South Florida Real Estate.
Bal Harbour is South Florida's most exclusive residential enclaves. Residents enjoy the convenience of a highly walkable environment, with beaches, acclaimed dining destinations and the world-famous Bal Harbour Shops all within easy reach. The community has a dedicated police department, which provides residents with an added sense of privacy and security. In 2024, Brazilian soccer star Neymar Jr. purchased a $26 million vacant waterfront lot in the community.
Images via Become Legendary
Past PROFILEmiami coverage of luxury homes and estates:
A 9,200-square-foot sky mansion inside One Thousand Museum by Zaha Hadid Architects just traded for $21.925 million. The residences occupies an entire floor at One Thousand Museum, one of the most ultra-luxury condo towers in Miami, complete with a helipad. The iconic exoskeleton tower, which overlooks Museum Park, was designed by the late starchitect Zaha Hadid.
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.
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A waterfront estate at 270 S. Hibiscus Drive has sold for $51.5 million, setting new records for both sale price and price per square foot on Miami Beach's guard-gated Hibiscus and Palm Islands. The transaction surpassed the previous record sale of approximately $40 million, despite that property encompassing a larger residence on a larger lot.
Legendary Bruce Springsteen E Street Band drummer Max Weinberg has sold one of the largest remaining residential land assemblages on the Intracoastal in Ocean Ridge. Nick Malinosky and Michael O'Connor of The Exclusive Group at Douglas Elliman represented both the seller and buyer in the $13,000,000 transaction and declined to comment on the sale.
A Rolls Royce-inspired mega mansion in Delray Beach’s exclusive billionaire’s haven, Stone Creek Ranch, has hit the market for $65 million. Listed by retired tech CEO Barry Smith, Villa Spectre, located within the ultra-exclusive, guard gated community of Stone Creek Ranch, is one of the most architecturally significant homes currently available in South Florida.
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A waterfront estate in Bal Harbour has traded for $42,973,750 in an off-market transaction, marking a record for the priciest sale in Bal Harbour this year. Located at 56 Bal Bay Drive, the newly completed waterfront estate offers 7 bedrooms, 8 full baths and one-half bath across 10,801 square feet of interiors on a sprawling 21,225 SF lot with 100 feet of prime water frontage.
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Sean "Diddy" Combs has sold one of his two waterfront estates on Miami Beach's prestigious Star Island in an off-market transaction valued at $55 million, according to property records. The sale involves the bayfront residence at 1 Star Island Drive, a property Combs acquired in 2021 for $35 million. Public records show the seller was an entity tied to Combs, while the buyer is JFStar LLC, a Virginia-based company led by John A. Franklin.
Casa Moderne, a newly completed waterfront residence at 790 Lake Road in Miami's exclusive Bay Point neighborhood, has sold for a record $27.25 million. The transaction establishes a new record-setting canal-front price per square foot in Bay Point at $4,284 per square foot.
Douglas Elliman's Senada Adžem is bringing Villa Skyfall to market for $85 million, the newest creation of celebrity developer Aldo Stark, whose homes have become synonymous with some of the most extravagant residences ever built in Stone Creek Ranch, the ultra-exclusive Delray Beach community often referred to as South Florida's Billionaires' Row.
A landmark two-level penthouse with private 40’ rooftop pool in the nearly sold-out waterfront development by renowned Miami developer Ugo Colombo of CMC Group has hit the market for $23.5 million listed with Nelson Gonzalez, Senior Vice President and top-producer with over $4 billion in career sales at Berkshire Hathaway HomeServices (BHHS) EWM Realty.
Fox News Host Sean Hannity’s sprawling ocean-to-Intracoastal estate at 1840 S Ocean Blvd in Manalapan has entered the market for $44,900,000, immediately becoming one of the most high-profile offerings in one of America’s most exclusive waterfront enclaves.
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A newly completed, modern architectural masterpiece known as Forte on Miami Beach’s Venetian Islands has hit the market for $59.9 million. The lavish waterfront home sits on a 13,188 SF lot with 105 feet of deep-water dockage and direct access to Biscayne Bay.
Sabal Development has revealed their newly listed "Villa Tropezina," a spectacular new-construction, dual-waterfront estate located at 3050 S Ocean Boulevard in the exclusive Manalapan, Florida, enclave known as Billionaire’s Beach.
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As a Boca Raton native and founding agent of Compass in the area, Aaron Buchbinder has witnessed firsthand the city's remarkable evolution into a luxury real estate hotspot. With deep-rooted connections and an intimate understanding of the community, Aaron offers unparalleled insights into Boca Raton's dynamic property landscape.
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For more information about homes in Bal Harbour, private showings or purchasing/ leasing information please fill out the form below:
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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.