Miami Beach Real Estate: Al Capone’s Mansion For Sale

Posted by: : Paul EbelingPosted on: February 10, 2014 Miami Beach Real Estate: Al Capone's Mansion For Sale

Miami Beach Real Estate: Al Capone’s Mansion For Sale

$BUD, $DAL

One of Miami Beach’s famous pieces of residential real estate is back on the market, asking price is nearly $8.5-M.

The waterfront compound is where noted Chicago gangster Al Capone died after being released from Alcatraz.

The 10,000-sq-ft mansion sits on exclusive Palm Island.

The present owner is a Florida company managed by New York accountant Anthony Panebianco. The compnay purchased the home just 6 months ago for $7.4-M, according to the public data.

The mansion was built in Y 1922 by Clarence Busch, a member of the Anheuser-Busch (NYSE:BUD) brewing family.

Mr Capone, who made a vast fortune importing and selling liquor during prohibition, bought it in Y 1928 for $40,000 after being chased out of Chicago and later Los Angeles acording to a Miami historian..

Mr. Capone’s arrival in South Florida caused an uproar. Newspapers followed his every move. Governor Doyle Carlton ordered Sheriffs throughout the state to arrest him on sight.

Mr. Capone attempted to charm the locals, promising not to break the law and giving sizeable donations to politicians. He  turned the property into a fortress, with heavy wooden doors, concrete walls and a gatehouse.

After Al Capone died in Y 1947, the home remained in his family until sometime in the 1970s, when it was bought by Henry Morrison, a pilot for Delta Airlines (NYSE:DAL) , according to Miami-Dade county records.

After falling into disrepair the house was restored and put back on the market for aobut $10-M in Y2011.

Sotheby International Realty, represents the seller, “People love the fact that it’s part of Miami history,” he said.

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Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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