The vacant waterfront lot where Al Capone spent his final years sold for $21 million Aug. 14, netting the sellers a $5.5 million profit after they demolished the gangster's century-old mansion three years ago.
Albert and Karise Claramonte sold the 30,000-square-foot lot at 93 Palm Ave. on Palm Island, with 100 feet of Biscayne Bay frontage, to an unnamed developer, according to the Miami Herald, citing the South Florida multiple listing service. The buyer's identity has not been publicly disclosed.
The Claramontes, who co-founded Fort Lauderdale luxury wall covering company Casamonte, bought the property in 2021 for $15.5 million and placed it in a trust. In 2023, they tore down the home over fierce opposition. Nearly 26,000 people signed an online petition urging preservation, and civic leaders protested the loss of the historic structure.
Capone's decades at the Palm Island estate
Capone purchased the Palm Island home for $40,000 in 1928, six years after it was built. He hosted lavish Prohibition-era parties there and died at the residence in 1947. His wife sold the house in 1952.
The bare dirt now costs more.
Brokers Jordan Karp of Jordan Karp LLC and Joel Lusky of The Brokerage represented the sellers. Albert Justo and Mirce Curowski of One Sotheby's International Realty represented the buyer.
A record-setting week for Palm and Hibiscus islands
The sale landed during a record-breaking week for the gated island enclave off the MacArthur Causeway. A waterfront estate at 270 South Hibiscus Drive on neighboring Hibiscus Island sold for $51.5 million the same week, setting a new price record for the combined Palm and Hibiscus islands neighborhood, The Real Deal reported. The previous record was $40.3 million, set in 2024.
In July, venture capital investor Ben Ling and hedge fund co-founder Chris Coudron paid $40 million for a teardown at 145 and 149 Palm Ave., expanding their existing compound next door at 135 Palm Ave., according to Hoodline.
Why land prices keep climbing on the island
Jorge Castellano, a Miami-Dade developer who builds luxury spec homes on teardown sites, told the Herald that sky-high land prices force builders to aim even higher on finished homes. "Depending on what your entry price is," Castellano said, "that determines what your exit price has got to be."
At $21 million for bare land, whatever rises at 93 Palm Ave. will need to command a price well above the current Miami Beach luxury average of roughly $1,620 per square foot. No construction permit had been filed for the site as of Aug. 15.
