Thomas Kramer, the German playboy who helped redevelop Miami Beach, is now so broke that a court-ordered receiver is managing two houses Kramer still owns on Star Island.
Kramer is in default for millions of dollars in various mortgages, and owes $2.2 million in property taxes to Miami-Dade County.
The heirs of a Swiss tycoon who had bad business dealings with Kramer 20 years ago finally won a judgment for $108 million against him in 2007. As a result, Kramer has sold off his cars and boats, his art collection and wristwatches.
Asked in a deposition in December what happened to the proceeds, Kramer replied, “Into the burning account.”
What’s a burning account?
“Burning like whoosh it goes, and the money is gone.”
Kramer, who is still spending $50,000 a month, said he couldn’t cut back any more. His maid and butler now work just a few days a week.
When he is bankrupt, Kramer said he’ll live off friends and family. “I’m everywhere invited,” he said.