It is believed the 1920s motor is buried somewhere in the grounds of The Ley in Innerleithen, Peeblesshire.
The estate, which has been put up for sale for £925,000, was once owned by a Scot, William Crockett Miller-Thomas, who was a friend of Capone, and sold bootleg whisky to him during prohibition across the Atlantic.
Current owner William McVicar, 82, said: “From what we can gather, Miller-Thomas was engaged in shipping whisky to outside American territorial waters during the days of prohobition.
“He met Al Capone when he was organising it. He bought Capone’s car and had it shipped back here. The story is it’s somewhere within the grounds.”
The pensioner, who lives at the house, added: “I haven’t stumbled across the car after cutting the grass in the woods. And I haven’t ran over the grounds with a metal detector. I should think it’s pretty rusty after lying there for around 80 years.”
Selling agents Remax promotes the connection with Capone in their online advert, as well as the estate’s Royal links.
They say: “The Ley is a substantial property which has in years past achieved a Scottish Tourism Board five star guest house rating and was a previous winner of the Scottish Thistle Tourism Award.
“The recorded history of the estate dates back to the Middle Ages. Gifted in 1241 by Alexander King of Scots to the Monks of Newbattle Abbey where Queen Mary was buried.
“Since the reformation the last family in Ley Tower – the ruins of which are now on the site of the neighbouring farm buildings – was reputedly the 4th Earl of Hyndford 1750.
“The present house was built in 1861, extended in 1952 with the rebuild of the circular Drawing Room with mirroring Master Suite above. In the ownership of only four families since the date of build, the property has a fascinating history and local folklore purporting Al Capone’s car to be buried beneath the lawn!”
Capone had strong connections with Scotland, particularly when striking alcohol deals when it was banned in America during the 1920s and 1930s. The gangster is also understood to have played golf at St Andrews, Turnberry and Muirfield.
Hi grand-niece, Deirdre Marie Capone, said: “He was in love with the game and with Scotland. I remember seeing his bag of clubs in the house in Miami where he lived. He told me they’d been made for him in Scotland.”
Alphone Garbiel ‘Al’ Capone was born in 1899 and became boss of the Chicago Outfit. He was behind one of the biggest gangland killings of the day, the 1929 St Valentine’s Day massacre, against rival crook Bugs Morans gang.
He led a $100million crime syndicate, but was arrested by the FBI’s famous team know as The Untouchables. He was jailed in 1931 and given parole eight years later. He died almost penniless in 1947.