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.

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.

"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."