The house is gone, but the price tag is very much alive. A cleared Palm Island lot that once held Al Capone’s Miami Beach mansion is under contract with an asking price of $23.5 million. The waterfront parcel at 93 Palm Avenue hit the market this spring and flipped to pending status in early May.
Deal Tops Weekly Luxury Contracts
According to The Real Deal, the pending sale ranked as the top entry in Douglas Elliman’s Eklund-Gomes weekly market report for April 27 to May 3, which tracks Miami-Dade listings asking $4 million and up. The report logged 18 single-family luxury contracts during that stretch and found those homes spent an average of 134 days on the market.
Listing Details
Zillow shows the property hit the market in late March at $23.5 million and was marked pending on May 1, with Joel Lusky of The Brokerage South Florida and Jordan Karp of Jordan Karp LLC listed as the agents. Redfin describes the 0.69-acre waterfront lot as having roughly 100 feet of bay frontage and being “cleared and ready to build.”
Capone’s House And Its Demolition
As reported by the Miami Herald, the mansion Capone purchased in 1928, and where he died in 1947, was demolished in 2023 after a heated preservation fight. The Herald also noted that the property changed hands in 2021 for about $15.5 million, a sale that set the stage for the demolition permit and sparked community objections.
Why The Lot Is Attractive And Tricky
Miami Beach planning documents in the city commission packet list the current owner as 93 Palm Residence LLC and flag the site’s vulnerability to sea-level rise. Staff also noted the former house had been altered and recommended against historic designation. Any new build will likely need an elevated first habitable floor and other costly resiliency upgrades, constraints that will shape whatever ultimately rises on the island lot.
Market Context
The Eklund-Gomes data summarized by The Real Deal shows condos that found buyers that week averaged about $1,780 per square foot and generated roughly $22.5 million in asking volume. The numbers underline that high-end buyers are still chasing waterfront addresses. For developers and Palm Island neighbors, the 93 Palm Avenue contract is a reminder that history and water views can still command headline prices, even when the historic house is long gone and the listing is literally just the dirt.
