German developer Thomas Kramer’s two Star Island mansions are heading to the auction block next week over a $192.4 million judgment.
The late Siegfried Otto, whose stepdaughter married Kramer, reportedly financed the purchases of the Miami Beach homes. His heirs, Verena Von Mitschke-Collande and Claudia Miller-Otto reached a settlement with Kramer in Switzerland in 1995 to collect the funds. He tried to overturn the settlement, but the plaintiffs won a $90 million judgment against Kramer in Swiss court in 2003, according to the South Florida Business Journal.
They then tried to collect the money via a lawsuit filed in Miami-Dade that same year, but Kramer had transferred ownership of the properties at 4 and 5 Star Island Drive to an Isle of Man entity, Skipworth Properties.
The plaintiffs could use the $192.4 million judgment to bid on the homes when they go to a court-ordered auction on Tuesday. They could also collect the proceeds from the auction from another bidder, the newspaper reported. The county’s property appraiser valued the homes at a combined $25.8 million.
The exclusive island is also home to Stuart Miller, Phillip and Patricia Frost, and Gloria and Emilio Estefan.
Kramer was known for throwing parties at the Star Island mansions, and made his mark on South Beach when he purchased large properties in the South-of-Fifth neighborhood before it was redeveloped. [SFBJ] – Katherine Kallergis