Wednesday, May 22, 2013

Best news report of the year, Miami New Times: "Thomas Kramer's South Beach Story Ends With $200 Million Court Judgment" by Lera Gavin

You haven't already, read this week's Miami New Times report by Lera Gavin, Pulitzer worthy, documenting the flaming burnout of the man who claimed to have transformed South Beach, Thomas Kramer.

Kramer arrived in Miami with a seeming (his) pot of gold and littered the landscape with coin of the realm. Turns out the people who actually owned the gold wanted it back, obtained several court judgments in their favor. Kramer as a result has been forced to close down his pleasure palace and carnival. The chapter certainly appears to be over.

To have watched, in the 1990's, civic activists struggle to preserve South Beach from political bottom feeders who scraped at Kramer's feet was to learn that the essence of Miami is to steam-roller the public interest. Kramer's excesses struck responsive chords wherever they landed. Everyone on the inside, profits.

Kramer was early, but showed in a way recalling PT Barnum that Miami's unsustainable building boom to come just needed the right mix of combustible ingredients, including Fed Reserve Chairman Alan Greenspan who was known for crashing Miami Beach parties in the early 2000's and taking credit for the good times. Today, Kramer's hope for financial rescue is reportedly through the agency of a shady Pakistani plutocrat, Malik Riaz. Talk about a reach: "This is a once-in-a-lifetime chance to bring Pakistan back on the map of the leading nations in the world," Kramer said, according to New Times. Well.

A friend from away said knowingly the other day, in respect to booming property values in certain parts of the county, "Miami is on fire." To understand what kind of fire, read the excellent New Times report.

7 comments:

Anonymous said...

Truth be known South of Fifth has an awful history. Developers put high end condominiums in a blighted area next to a public beach. The majority of condominium units have been altered from original with less than scrupulous contractors and questionable Board oversight. Miami Beach is the king of mirages, a large amount of swindlers live in the 33139.

Anonymous said...

Thomas Kramer was accused of taking $100+ Mil from his then father-in-law and then refusing to return it. Some people would accuse Kramer of stealing.

Anonymous said...

How is Thomas Kramer going to come up with $200 Mil to satisfy the Judgement? Swiss courts? MIami courts? NY courts? Kramer lost everywhere. He owes money on his Star Island property and none of his businesses provide any profits. Maybe Kramer can get a job as a VIP host at a nightclub?

Anonymous said...

Kramer will find another young, foolish trust fund baby willing to squander a portion of the family fortune to be a big time player in the 305. He's a swindler and he's gotta swindle to survive.

Anonymous said...

Thomas Kramer may have started the South of fifth abomination but Jorge Perez put the final nail in that coffin! Tacky SOB!

Anonymous said...

Thomas Kramer stole $120 Mil and 20 years later he must give it back plus interest. But for those 20 years Kramer lived like a King on earth. How many people get to live on $100,000+ per month? For 20 years?

Anonymous said...

He is done. " Cooked" The Pakistan deal is a joke.who would invest in a war torn zone? Kramer grasping a straw while drowning. Trying to get investors for the Pakistan Scam project? Who will invest in this man, who can't pay his employees anymore and had to auction off his stuffed German shepherd? Really?