Al Capone's former Miami Beach estate site has sold for $21 million, showcasing its historical significance and development potential.
The former site of Al Capone’s iconic Miami Beach estate has been sold for $21 million, marking the beginning of a new chapter for this historically significant property. Situated at 93 Palm Avenue on Palm Island, the property offers 100 feet of waterfront along Biscayne Bay, though the Colonial-style residence that once stood there was demolished in 2023.
Based on reporting by PROFILEmiami: https://profilemiamire.com/miamirealestate/2026/8/31/former-site-of-al-capones-historic-palm-island-estate-sells-for-21-million
The sale signifies a notable increase from its previous sale price of $15.5 million, reflecting the site's enduring allure. The transaction was facilitated by Jordan Karp of Jordan Karp LLC and Joel Lusky of The Brokerage South Florida, who represented the seller, while Mirce Curkoski and Albert Justo of ONE Sotheby’s International Realty represented the buyer.
Capone acquired the estate in 1928, adding significant enhancements such as a gatehouse and a coral rock grotto. The property remained in the Capone family until 1952 when it was sold by his wife, Mae Capone. Despite its demolition, the site remains a coveted development opportunity, combining waterfront access with a storied past.
The demolition of the nearly century-old residence in August 2023 came after lengthy discussions about its historic preservation. The decision was influenced by a change in Florida law that restricted the powers of local preservation authorities in flood-prone zones. The site was reportedly three feet below sea level, which contributed to its vulnerability and the eventual decision to demolish.
With its historical structure now gone, 93 Palm Avenue offers a unique opportunity for new development in an area rich with Miami Beach history. As the site transitions into its next phase, it remains a testament to the city’s dynamic real estate landscape.
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