From the Gaudy to the Mundane

Susan Askew
Susan Askew

From the Gaudy to the Mundane:

former south beach developer’s personal property goes to auction

He was involved in several well-known development projects South of Fifth including Apogee, Portofino Tower, and the Yacht Club, but his empire came crashing down when a two-decade legal battle finally came to an end and along with it, his extravagant lifestyle. Thomas Kramer’s personal property will be auctioned at a sheriff’s sale on February 14th – perhaps an appropriate date given his many possessions in his favorite color red.
Kramer, described as a “notorious playboy” by the Miami Herald, lived at 4 and 5 Star Island Drive for several decades. He lost the homes in foreclosure and the titles were transferred to the surviving heirs of his former father-in-law, Siegfried Otto, who won a nearly $200m judgment against him. The original judgment was actually issued in 1995 but the legal wrangling dragged on long after. Kramer claimed Siegfried gifted him the money to invest in South Beach real estate. Siegfried – and his heirs – said it was a loan. Various courts have agreed and ordered Kramer to repay the money. The final total included principle, interest, and the cost of maintaining the Star Island homes.
Personal items for sale range from the elegant – high-end European home furnishings and artwork – to the mundane – a coffee pot and office supplies. Then there’s the just plain gaudy and bizarre, a dining room table with two stripper poles and a coffin with a red (of course) lining. And, oh yeah, those guys in the photo above… billed as “Alien and Predator collectibles”.
The items will be sold in one lot with the exception of a (red) pickup truck, which will be sold separately.
According to his website, which describes “TK” as a “Networker, Visionary Developer, Motivational Speaker, Fitness and Wellness Enthusiast, Life Connoisseur”, Kramer signed a deal in 2013 to develop an island project in Karachi, Pakistan. The $20b deal reportedly fell apart when he was unable to raise the money.
While his blog posts stopped in 2015, his social media accounts still feed into the website. Where is he now? Currently he’s skiing in St. Moritz.
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Details on the auction:

Inspection date is Tuesday, February 13 from 9:00 am to 3:00 pm at 4 Star Island Drive and 5 Star Island Drive.
Sheriff’s Sale will take place Wednesday, February 14  at 11 am at the Miami-Dade County Sheriff's Office, Overtown Village South Building, 601 NW 1 Court, 9th Floor, Miami.
If you’re interested in bidding, there are forms on the auction website which indicate a 25% deposit and bank letter of guarantee are required … but for the rest of us, there are the many photos of auction items to peruse.