A Miami Beach Party House for $40 million

Real Estate

The waterfront mansion on Star Island was once owned by the colorful real-estate developer Thomas Kramer, who made a fortune in South Florida real estate in the 1990s
A Miami Beach mansion once owned by real-estate developer Thomas Kramer is listing for $40 million. 
A once-famed Miami Beach party house is hitting the market for $40 million, but that doesn’t include the dining room’s two stripper poles.

The waterfront mansion on Star Island was once owned by the colorful real-estate developer Thomas Kramer, who made a fortune in South Florida real estate in the 1990s and was known for throwing extravagant parties at the house. But he lost the home to creditors after a lengthy legal battle, and the possessions he left behind—including a custom-made coffin and a dining table with two stripper poles on top—were auctioned off in February, according to Chuck Throckmorton of Kozyak Tropin & Throckmorton, an attorney for the sellers.

Star Island is an exclusive enclave that has attracted celebrities like Sean “Diddy” Combs and Gloria Estefan. The gated estate encompasses two lots, which can also be purchased individually for $20 million each, says listing agent Brett Harris of Douglas Elliman Real Estate. The Spanish villa-style estate spans about 17,000 square feet spread across multiple buildings, with a total of 13 bedrooms. The main house includes a screening room and a gym. The estate, which has been uninhabited for several years, also has a 10,000-bottle wine cellar, a swimming pool, two docks on Biscayne Bay and a ramp for launching Jet Skis.
The property’s value is mostly in the land,,noting that the roughly 1.8-acre parcel has unobstructed views of the sunsets over downtown Miami. A buyer will likely overhaul or demolish the existing structures on the property, he said. “This is probably going to be a development play for someone,” he said.

It’s the closing chapter in a long saga for the home and Mr. Kramer, its eccentric 60-year-old progenitor. Credited with helping to revive Miami Beach’s “South of Fifth” neighborhood in the 1990s, the Germany-born Mr. Kramer’s projects included the Portofino Tower condominium and a nightclub named “Hell.” He hosted epic parties at his home, explaining in an interview through the messaging service WhatsApp that he had the coffin on hand “because I wanted to die like Elvis Presley on overdose in party mode—being the king of party in Miami.” He paid $2 million for one of the property’s lots in 1992 and $3.85 million for the other one in 1996, according to public records.

Mr. Kramer had invested in South Beach real estate using money from his then-wife’s stepfather, late German businessman Siegfried Otto, said Mr. Throckmorton. But a legal dispute over those funds arose between Mr. Otto’s family and Mr. Kramer. In 2003 a Swiss court ruled in the Otto family’s favor with a $90 million judgment against Mr. Kramer, and directed him to return the money as well as the assets purchased with it, including the Star Island property. Mr. Otto’s heirs ultimately took possession of the house and are the current sellers.
Mr. Kramer, whose website describes his current endeavors as “Visionary Developer, Networker, Motivational Speaker, Workout & Wellness Enthusiast, Life Connoisseur,” moved to Dubai in 2013. The listing marks “the end of a fantastic chapter with great memories,” he said. “Now my life is focused on a healthy lifestyle with lots of sports.”

Only once in a Lifetime does an Estate of such distinction become available on Ultra Exclusive Star Island. Situated on Almost 2 acres with Spectacular Vistas over Biscayne Bay and Sparkling City Lights this Magnificent Spanish Villa is Miami's Finest Property. The Estate features approx. 17,000 square feet of living space with 13 BD & 12 BA. The Home Features a Movie Theater, Crestron System, 10,000 Bottle Wine Cellar, poo/spa, gym, 3 guest houses & Garages for up to 14 Cars. Recognized globally as an area with some of the highest valued real estate, this is a blank canvas into the world of luxury for an owner-user that would like to create their own masterpiece, or a developer worthy of creating a world-class trophy estate


For more information and pictures you may click on Darrell's Star Island Estate  or call me at 305-898-8198.