A Miami mansion that noted gangster Al Capone bought for $40,000 in 1928 just sold for $15.5 million in a major developer flip.
On Tuesday, an LLC managed by accountant Toni Alam and shielding itself under the name of 93 Palm Residence LLC, purchased the Coral Gables estate where Capone lived and vacationed for nearly 20 years before his death. Located at 93 Palm Avenue, the waterfront estate sits at 6,077 square feet and has a large palm tree-surrounded pool that has views of the water.
The deal went through on Tuesday and, as reported by the Miami Herald, is a home flip: Developer Todd Michael Glaser and partner and president of Berkshire Hathaway HomeServices EWM Nelson Gonzalez bought it for $10.75 million just in August. That gives them almost $5 million in profit.
“If someone tells you they want to give you a $5 million lotto ticket, of course you’d take it,” Glaser told reporters about the sale. Glaser, in particular, is known for his aggressive flipping — he recently made headlines for buying the Palm Beach estate of Jeffrey Epstein and trying to flip a private island for $35 million more than he paid for it just a few months ago.
Glaser and Gonzalez initially planned to tear down the property but scrapped the plans after running into resistance from local preservationists. Capone, who was known by the nickname “Scarface” long before the 1983 cult movie starring Al Pacino, ran the notorious Chicago Outfit crime syndicate that spent years using corruption, racketeering and murder to retain control of illegal alcohol supply during Prohibition.
After investigators started questioning Capone’s lavish lifestyle, the crime boss was eventually tried and sentenced to 11 years in prison in a highly-publicized trial. Capone’s declining health due to lack of medication for syphilis at the time led to an early release in 1939. After that, Capone spent the next eight years trying to reap the benefits of Florida’s warm climate in this exact mansion — he died of complications related to the disease on the property in 1947 at age 48.