Seller says he won the lottery: Flips Capone Miami Beach house for $5M profit in weeks
Al Capone’s last home may face a new fate.
Once planning to demolish and redevelop the mansion, its new owners parted ways with the mansion after just weeks — and made a profit of millions that the seller likened to winning the lottery.
Developer Todd Michael Glaser and partner Nelson Gonzalez, senior vice president of Berkshire Hathaway HomeServices EWM, sold the house to an undisclosed buyer, which was first reported by the South Florida Business Journal. Glaser confirmed the sale to The Miami Herald.
The business partners bought the residence in late August for $10.75 million with plans to demolish it and replace it with a modern spec project. They soon faced backlash from the preservationist community in Miami Beach. The house just sold for $15.5 million, according to Journal, to 93 Palm Residence LLC, managed by Coral Gables accountant Toni Alam.
“If someone tells you they want to give you a $5 million lotto ticket, of course you’d take it,” Glaser told the Miami Herald, adding that the offer came out of the blue. “You can never lose money when you make money. We had an opportunity and sold it.”
Al “Scarface” Capone bought the house for $40,000 in 1928 and returned often. He died at the residence in 1947 from a heart attack.
This story was originally published October 5, 2021 at 3:43 PM.
