1663-30 Art Deco/Preservation SUN MAY 03 1992 ED: FINAL
SECTION: HOME & DESIGN PAGE: 5G LENGTH: 10 . 09" MEDIUM
ILLUST:
SOURCE: DON FINEFROCK Herald Real Estate Writer
DATELINE:
MEMO:
GERMAN BUYS $3 . 75 MILLION HOME
German investor Thomas Kramer paid $3 . 75 million for a bayfront home on
Indian Creek Island -- his second purchase on the exclusive island in upper
Biscayne Bay in the past two months .
The sale, which closed April 24 , represents the third highest price ever
paid for a home in Dade County.
Kramer bought the seven-bedroom home at 12 Indian Creek Dr. from Jan
Cowles, a board member of the Center for the Fine Arts and the widow of Look
magazine publisher Gardner Cowles.
"It ' s a fabulous location, " said Janet Atlas of Riteway Realtors. Janet
and Russell Atlas represented Cowles in the deal . "That ' s really what he' s
buying it for. "
Carolyn Miller, the owner of Riteway, represented Kramer. She said
Kramer may renovate the property or build anew.
In March, Kramer paid $1 .2 million for a vacant lot at 35 Indian Creek
Dr. The two properties are not adjacent.
"He decided that ' s not where he wanted to be on the island, " Miller
said. "It' s not on the market as of yet, but we have talked to him about the
possibility of selling. "
Miller said Kramer was part of the investor group that paid $13 .3
million in March for 14 acres of undeveloped land in Miami Beach, including a
13-acre oceanfront parcel on the southern tip of the island.
Cowles had listed her home for sale at $4 .5 million, Atlas said.
The 11, 000-square-foot home was built in 1953 and is assessed at $1 . 9
million. The 1991 tax bill amounted to $66,245 .
Only two other Dade homes have sold for more. Both are on Indian Creek.
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