A 30,000-square-foot waterfront lot at 93 Palm Avenue in Miami Beach, long recognized as the former site of Al Capone's estate, changed hands for $21 million during the week of August 20, 2026, according to property records reported by The Real Deal Miami.
Who bought the former Capone property and for how much?
The $21 million purchase was made by a limited liability company linked to Russian businessman Ilya Karpov, with records surfacing the week of August 20, 2026. The seller was a company managed by Toni Alam, who had held the property since its previous transaction in 2021.
- Sale price: $21 million for approximately 30,000 square feet of waterfront land
- Buyer entity: an LLC tied to Ilya Karpov
- Seller entity: a company managed by Toni Alam
- Prior sale: the property last transacted in 2021
What makes 93 Palm Avenue historically significant?
The lot at 93 Palm Avenue in Miami Beach is widely known as the former site of Al Capone's South Florida estate, making it one of the most storied pieces of real property in the city's history. Capone, the notorious Chicago mob boss who made Miami Beach a second home during Prohibition, owned the Palm Avenue compound during the early twentieth century, and the address has retained its cultural cachet ever since.
What happens to the site next?
The 93 Palm Avenue lot is expected to be redeveloped following the August 2026 sale, though no specific project plans have been publicly disclosed as of this writing. The transaction extends a pattern of ultra-premium land deals on Palm Avenue, one of Miami Beach's most exclusive waterfront corridors, where buyer demand for large, developable lots has kept prices at the top of the regional market.
- Redevelopment is anticipated but no plans have been announced publicly
- Palm Avenue has seen a sustained streak of high-value land transactions
- The lot's waterfront position and lot size make it among the largest available parcels on the island
Why does this sale matter for Miami Beach real estate?
The $21 million price tag for raw land — before any construction costs — underscores the sustained appetite among international buyers for trophy waterfront parcels in Miami Beach, even as broader market observers have watched interest rates and global economic uncertainty test demand elsewhere in South Florida. The involvement of a buyer with ties to Russia adds an international dimension to a sale that already carries outsized symbolic weight.
The original reporting on this transaction was published by The Real Deal Miami during the week of August 20, 2026.
