The Real Deal Miami

Miami Beach developer Thomas Kramer nears bankruptcy

January 28, 2014 04:30PM

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Kramer

Thomas Kramer

Thomas Kramer, bad-boy German developer behind the resurgence of Miami Beach’s South of Fifth neighborhood, is about $300,000 away from going bankrupt.

Kramer of TK International said in a recent deposition he will likely declare bankruptcy after he runs out of funds. His unpaid bills exceed $3.8 million. Kramer was brought to his knees by a Swiss court’s ruling ruling last year ordering him to repay $200 million to the heirs of a German bank-note printing company.

His England bank account was frozen following a $108 million Swiss judgment – over a dispute between Kramer and German millionaire Siegfried Otto — that has yet to be paid. Otto’s daughters inherited the judgment, which landed in the 11th Judicial Circuit in Miami-Dade County nearly seven years ago.

The developer makes additional money by renting out his backyard for events. He has sued his former accountant and a former business accountant, alleging that he was embezzled by both. He has also been accused of sexual harassment. [Miami Herald]Mark Maurer

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