Herz was swimming in the lake near his friends' home Saturdayafternoon and was struck by a ski boat. No charges had been filedas of Wednesday, and a spokeswoman for the Georgia Department ofNatural Resources says Herz's death appears to be "an unfortunateaccident," according to the Atlanta Journal-Constitution.

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Herz was an heir to the German coffee empire of his late father,Max Herz, and he owned about 15% of Maxingvest AG, a Hamburg-basedholding company that owns coffee retailer Tchibo and a majority ofNivea cosmetics maker Beiersdorf AG. Forbes magazine ranked him asthe world's 368th richest person, with an estimated net worth of $3billion.

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"Joachim's colleagues at Coro Realty are deeply saddened by theloss of a close friend and leader," John Lundeen, the company'spresident, said in a prepared statement issued Wednesday. "He willbe missed by all who knew and were influenced by him. His mark onthe Atlanta landscape will carry his legacy for many years tocome."

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Herz was an influential force in the Atlanta real estatecommunity since the 1970s, according to the company's statement.Coro Realty was founded in Atlanta in 1997 and works to maximizethe potential of strategically located properties throughdevelopment, redevelopment and leasing. Its commercial real estateportfolio totals more than three million sf, including retail,office and industrial, along with over 1,500 residential units.

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The company is currently in a joint venture with Atlanta-basedNovare Group, on The Gallery, a 27-story tower in Buckheadcontaining 203 residential condominium units. It also redevelopedthe Buckhead Place shopping center to include condos and retailspace.

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A private funeral will be held for close family and friends.Gifts in memory of Herz may be made to the Atlanta chapter of theAchievement Rewards for College Scientists (ARCS) Foundation.

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