Al Capone’s Miami Beach Mansion sold for $15.5M, escapes demolition



Al Capone’s Miami Beach mansion has escaped the wrecking ball. Developer Todd Michael Glaser had bought the gangster’s home, end August, according to records with PropertyShark. Glaser told The Wall Street Journal that he was planning to demolish the building and build a modern structure. However, this news news evoked mixed feelings in the county and the property has been sold and will not be demolished.

Glaser was willing to sell the property after locals petitioned against the razing of the mansion as they called it a cultural heritage. Glaser said that a few people told him that it should be destroyed while others called it a cultural icon, despite its notoriety.

The house was sold by Glaser for $15.5 million on September 24, to an undisclosed buyer, according to a report by the South Florida Business Journal. The sale was made to 93 Palm Residence LLC, which is managed by accountant Toni Alam of Coral Gables.

Al Capone’s sprawling house was bought by Glaser and his business partner Nelson Gonzalez for $10.75 roughly a month ago and the partners were thrilled to flip it in weeks with a profit of almost 5 million dollars.

Glaser told the Miami Herald that he could confirm the sale. He said that it was similar to getting a “$5 million lotto ticket.” He also said that they had an opportunity and so they sold it.

The mansion in MiamI was bought by Al “Scarface Capone” in 1928. He paid $40,000 for the home and spend thousands in renovations and additions. In 1947, he passed away from a heart attack, when he was in residence.

The Miami mansion of the Brooklyn born gangster was built in 1922, in the Spanish Colonial style. The mansion offers scenic views of the Biscayne Bay. It has a private beach, a gatehouse, lush tropical gardens and a 30 feet by 60 feet pool and cabana.

The 7,500 Palm Island mansion has three separate structures: the mani house, a guest house and a pool house. It reportedly has seven bedrooms and seven bathrooms, kitchens, entertainment rooms and more.

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