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  • 9 February 2014, 4:42

Al Capone's Miami Mansion On The Market

The 10,000-square-foot home of notorious Chicago gangster Al Capone is up for sale with the asking price of almost $8.5m (5m).

The sprawling, waterfront compound is where Capone died after being released from Alcatraz and is said to have plotted the St Valentine's Day massacre in 1929 that saw seven of his rivals executed.

The blue mansion sits on exclusive Palm Island, sandwiched in Biscayne Bay between downtown Miami's skyscrapers and South Beach's hotel district.

The current owner, a Florida company managed by New York accountant Anthony Panebianco, bought the home barely six months ago for $7.4m, according to Miami-Dade property records.

The mansion was built in 1922 by Clarence Busch, a member of the Anheuser-Busch brewing family.

Capone, who made a vast fortune importing and selling alcohol during prohibition, bought it in 1928 for $40,000 after he is thought to have been chased out of Chicago and Los Angeles.

Paul George, a leading Florida historian, said: "A lot of the booze he was marketing was coming through Miami and south Florida."

After Capone died in 1947, the home remained in his family until sometime in the 1970s, when it was bought by Henry Morrison, a pilot for Delta Airlines, according to Mr George.

"It was in a pretty ramshackle condition. He had girlfriends coming over, and it was a real bachelor pad," he said.

After falling into disrepair in the '70s and '80s, the house was restored and put back on the market for nearly $10m in 2011.

Despite being the site of Capone's death after he returned from Alcatraz as a mental patient, driven to insanity by syphilis, the house climbs in price each time it changes hands, said Albert Justo, of One Sotheby's International Realty, who is representing the owner.

"People love the fact that it's part of Miami history," he added.

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