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Al Capone’s compound on Palm Island in Miami to hit market with $9.95 million asking price


Want to live like America's "original gangsta"? It'll cost you close to $10 million.

Al Capone's massive compound on Palm Island in Miami will hit the market in the next few days — but only modern-day robber barons could afford the $9.95 million asking price.

Capone bought the home at the height of his power in 1928 for just $40,000. Last year, Peter Corsell, founder of the energy solutions conglomerate Grid Point, bought it for $5.65 million with the intention of fully restoring it to its original gangster grandeur.

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The arcaded mansion sits on a huge, football-field-sized waterfront lot in Biscayne Bay.

"Two Versace South Beach villas could fit on this property," said broker Jorge Alonso of Elliman Florida. "You step up to this huge pool. It's so glamorous."

It has verandas, a recreation room, private dock, ornate plasterwork, and a black-and-gold Art Deco powder room that looks the same as when Capone used it.

Corsell, a history buff, restored bathrooms, bronze lamps and original wall sconces, a two-story pool house, and a front gate house added by Capone for his armed guards.

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Alonso said that the house is already attracting would-be buyers from Russia, Brazil and France. A major professional basketball player has already expressed serious interest.

The buzz is not only for the house, but for its connection to Capone lore. The master criminal held lavish parties and fishing expeditions at the island home, which also served as Capone's alibi during some of his gang's famous killings, including the St. Valentine's Day Massacre in 1929. Soon after, Capone was convicted — on tax evasion charges — but held onto his island paradise through a nearly decade-long sentence at Alcatraz.

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When he was released from the Rock in 1939, he headed back to Palm Island, where he died in 1947 of syphilitic dementia that reduced his mind to that of a child's.

Yet the historic pull of the house continues.

"Everyone thinks there is money hidden somewhere inside," said Alonso. "None of that is true. He did die there, though, in a room upstairs. It used to be creepy, but after the renovation it's this charming little room. Everyone loves it up there."

There is fear a buyer could tear the house down to take advantage of the lot size.

"We hope that doesn't happen," says Alonso. "It's such an important piece of America."

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See more: http://www.nydailynews.com/life-style/real-estate/al-capone-compound-palm-island-miami-hit-market-days-9-95-million-price-article-1.1118117#ixzz21eSesYBc

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