Al Capone’s Miami Beach Mansion, Saved From Demolition, Sells for $15.5 Million
Developers bought it for $10.75 million in August, but faced local opposition to razing the home to make room for a new home
By V.L. Hendrickson | Mansion Global
EWM REALTY INTERNATIONAL
The Miami Beach mansion of gangster Al Capone traded hands for $15.5 million last week, just weeks after it was purchased by developers for $10.75 million and set to be demolished.
Developer Todd Michael Glaser and his business partner Nelson Gonzalez bought the roughly 7,500-square-foot Palm Island residence through a limited liability company at the end of August, records with PropertyShark show. Mr. Glaser told The Wall Street Journal he planned to tear down the house in favor of a modern build.
Despite Capone’s nefarious reputation and criminal history, the plans rankled locals. An online petition to stop the development got more than 25,000 signatures.
“Miami Beach risks losing an important part of not just our local history, but of U.S. history if this demolition is allowed to proceed,” organizers said in the petition. “The loss of this landmark structure and its replacement with a new oversized home will have a long-term negative impact on the community.”
The outcry caused the developers to withdraw their application to the local Design Review Board, which would have decided if the home could be torn down, in mid-September. Mr. Glaser likened the recent sale of the property to winning the lottery in an interview with the Miami Herald. He confirmed the sale to Mansion Global, but declined to comment further.
Public records of the sale were not yet available, and Mansion Global could not identify the most recent buyer.
The Brooklyn-born gangster bought the home, which was built in 1922, in 1928 for $40,000. Capone died there from a heart attack in 1947 at age 48.
The seven-bedroom, seven-bathroom residence was fully renovated in 2015, Mansion Global reported, and has been on and off the market since 2018. It was first listed for $14.9 million by Mr. Gonzalez, senior vice president of Berkshire Hathaway HomeServices EWM. The price was cut several times before the listing was removed in July 2020, listing records show.
The Spanish Colonial-style mansion has views of Biscayne Bay and a private beach, a gatehouse and a 30-by-60-foot pool with a cabana, Mansion Global reported. It was said to be the largest private pool in Florida.
”The house has a charming 1920s feel. It has very lush tropical gardens and it’s super private,” Mr. Gonzalez told Mansion Global in 2018. He did not immediately return a request for comment.