Thomas Kramer’s Star Island mansions head to court-ordered auction

County appraised 4 and 5 Star Island Drive at a combined $26M

Miami /
Aug.August 16, 2017 10:35 AM

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


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...