Herz was swimming in the lake near his friends' home Saturday afternoon and was struck by a ski boat. No charges had been filed as of Wednesday, and a spokeswoman for the Georgia Department of Natural Resources says Herz's death appears to be "an unfortunate accident," 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-based holding company that owns coffee retailer Tchibo and a majority of Nivea cosmetics maker Beiersdorf AG. Forbes magazine ranked him as the world's 368th richest person, with an estimated net worth of $3 billion.
"Joachim's colleagues at Coro Realty are deeply saddened by the loss of a close friend and leader," John Lundeen, the company's president, said in a prepared statement issued Wednesday. "He will be missed by all who knew and were influenced by him. His mark on the Atlanta landscape will carry his legacy for many years to come."
Herz was an influential force in the Atlanta real estate community since the 1970s, according to the company's statement. Coro Realty was founded in Atlanta in 1997 and works to maximize the potential of strategically located properties through development, redevelopment and leasing. Its commercial real estate portfolio totals more than three million sf, including retail, office and industrial, along with over 1,500 residential units.
The company is currently in a joint venture with Atlanta-based Novare Group, on The Gallery, a 27-story tower in Buckhead containing 203 residential condominium units. It also redeveloped the Buckhead Place shopping center to include condos and retail space.
A private funeral will be held for close family and friends. Gifts in memory of Herz may be made to the Atlanta chapter of the Achievement Rewards for College Scientists (ARCS) Foundation.
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