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