The former Palm Island estate associated with Al Capone has sold for $21 million, nearly three years after its historic residence was demolished. The vacant waterfront property at 93 Palm Avenue includes 100 feet of Biscayne Bay frontage, combining development potential with a lasting connection to Miami Beach’s Prohibition-era past.
Key takeaways
- The 93 Palm Avenue property sold for $21 million.
- The vacant site has 100 feet of Biscayne Bay frontage.
- The sale price is up from the property’s previous $15.5 million transaction.
- Al Capone acquired the estate in 1928.
- The historic residence was demolished in August 2023 after a preservation dispute.
The transaction marks a new chapter for one of Miami Beach’s most recognizable residential properties. Although the original home is gone, the site’s waterfront setting and association with Capone continue to distinguish it in Palm Island’s luxury real estate market.
A historic Palm Island connection
Capone acquired the estate in 1928, several years after the original Colonial-style residence was constructed in 1922. The house reportedly formed part of an approximately 30,000-square-foot estate and was later enhanced with features including a gatehouse, perimeter wall, searchlights, a cabana and a coral-rock grotto.
The property remained connected to Capone’s family for decades. His wife, Mae Capone, ultimately sold the estate in 1952, more than 20 years after the crime boss first acquired it.
Demolition followed preservation debate
The century-old residence was demolished in August 2023 following an extended debate over whether it should receive historic protection. Previous owners and developers argued that the aging structure sat approximately three feet below sea level, suffered repeated flooding and required extensive repairs.
A change in Florida law limited the ability of local preservation authorities to block the demolition of certain single-family homes in designated flood zones or properties below base flood elevation when owners opposed historic designation. After the law changed, the Miami Beach Historic Preservation Board canceled a scheduled evaluation hearing because it no longer had jurisdiction over the property.
A valuable development opportunity
With the residence removed, 93 Palm Avenue is now a vacant waterfront parcel in a guard-gated Miami Beach enclave. Its 100 feet of bay frontage gives the property significant appeal for a future luxury residence or redevelopment project, subject to applicable zoning, permitting and environmental requirements.
The latest sale also represents a substantial increase over the prior $15.5 million purchase price. At $21 million, the transaction reflects both Palm Island’s continued demand among high-end buyers and the premium attached to a site with an unusually prominent Miami Beach history.
Agents involved in the transaction
Jordan Karp of Jordan Karp LLC and Joel Lusky of The Brokerage South Florida represented the seller. Mirce Curkoski and Albert Justo of ONE Sotheby’s International Realty represented the buyer. The buyer’s identity was not disclosed in the reported transaction.