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Al Capone's gangster Mansion on the market

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#1 Hum

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Posted 09 February 2014 - 08:49

One of Miami Beach's most notorious pieces of real estate is back on the block: the asking price is almost $8.5 million.

The sprawling, waterfront compound is where notorious Chicago gangster Al Capone died after being released from Alcatraz and is said to have plotted the St. Valentine's day massacre in 1929.

 

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The 10,000-square-foot baby blue mansion sits on exclusive Palm Island, sandwiched in Biscayne Bay between downtown Miami's skyscrapers and South Beach's hotel district.

The current owner, a Florida company managed by New York accountant Anthony Panebianco, purchased the home barely six months ago for $7.4 million, according to Miami-Dade property records.

The mansion was built in 1922 by Clarence Busch, a member of the Anheuser-Busch brewing family. Capone, who made a vast fortune importing and selling liquor during prohibition, bought it in 1928 for $40,000 after being chased out of Chicago and later Los Angeles, according Ron Chepesiuk, a journalist and author of the book Gangsters of Miami.

 

After falling into disrepair in the 1970s and 1980s, the house was restored and put back on the market for nearly $10 million in 2011.

Despite being the site of Capone's death after he returned from Alcatraz as a mental patient, driven to insanity by syphilis, the house climbs in price each time it changes hands, said Albert Justo, of One Sotheby's International Realty, who is representing the owner.

 

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