Al Capone Home Cashes In!
Al Capone is still #1 in the minds of most Americans as the all time king of organized crime. Back in the 1920s and 30s, news coverage of men such as Capone, Jack Diamond, Lucky Luciano and Dutch Schultz made prime time newspaper headlines all across the United States. They were rich, famous and even today, the subject of legends, books, TV shows and movies.
Al Capone was a ruffian off the streets of New York and Chicago, short on ethics, and totally lacking in refinement. In other words, he was a thug from the start. In the early 1920s his main business was as a pimp who was bringing in approximately $8,000 a month when the average family was managing on $8,000 a year. This was more money than he could have imagined as a youth, but he wanted more. His greed and driving desire to have the most led him into bootlegging during Prohibition. In time, Capone owned breweries, warehouses, fleets of boats and trucks, private businesses counting in the hundreds, gambling venues such as horse and dog tracks and more, including his Miami Beach Palm Island estate. His gross annual income was thought to be in the neighborhood of $105 million a year. Much of this money he gave to various charities and became a strong public figure in spite of the methods of acquiring the money. Many called him a modern day Robin Hood.
His reputation was somewhat crushed when his likely involvement in the 1929 St Valentine’s Day Massacre hit the news. Then in 1931, the IRS arrested him for tax evasion, which was a standard procedure for snaring Mafia members. He was released on parole in 1939, but suffered the worsening effects of neurosyphilis, which he had suffered for years. He died in 1947 at the young age of 48 in his waterfront home on Palm Island.
This lovely home, which Capone originally purchased in 1928, was recently sold after being on the market for several years. The .7 acre compound consists of the 6,103 square foot, 7 bedroom, 7 bath main house, a 2 bedroom guest house and a 2 story pool house built by Capone where he housed his security guards on the upper level. The main house recently underwent a $4 million renovation and has plans and permits in place for further expansion.
Al's Miami home where he supervised the St. Valentine's Day massacre in 1929 sold after long time on market. Listed at $9.5 million - sold for $7.43 million.