Miami, Florida – Drug lord Pablo Escobar's former Miami beachfront property was finally sold after five years on the market.

Colombian Pablo Escobar (†44) was one of the richest criminals in history.

Known as the "King of Cocaine," Escobar achieved notoriety by leading the Medellín Cartel, which controlled cocaine traffic into the United States in the 1980s and 1990s. At the time of his death in 1993, Escobar had amassed a huge fortune, including several properties that served as safe houses.

Included in Escobar's estate was a large waterfront property on Miami Beach, Mansion Global reported. The US government seized the property in the 1980s. Since 2014, it was owned by Christian de Berdouare (63), founder of the fast-food chain Chicken Kitchen.

After being on the market for five years, the property has found a new owner, for the price of $11 million.

The empty lot spans 30,000 square feet, including 150 feet of beach line.

The land used to be the site of one of Escobar's hideouts – a 6,500-square-foot pink mansion. Though the structure no longer stands, the property is large enough to construct a new 15,000-square-foot home, in accordance with Miami zoning regulations.

The new owner, who remains anonymous, seems to have pockets deep enough for this kind of project.