MIAMI, Nov. 30 (UPI) -- The high-speed crash of two boats in Miami's Biscayne Bay has claimed the life of real estate tycoon Steven Posner, Florida authorities said.
Posner, 67, was killed when his 44-foot high-performance boat was apparently trying to overtake another vessel and collided with it instead, The Miami Herald reported.
Authorities said both boats were racing catamarans, capable of rocketing across the water at more than 100 mph.
Monday afternoon's collision also took the life of Posner's friend, whose identity was not immediately known, and critically injured Posner's cousin, Stuart Posner.
The owner of the other vessel, Fritz Eigelshoven, suffered rib injuries and was taken to the hospital.
A spokesman for the Florida Fish and Wildlife Conservation commission said the collision was "pretty horrific." Both boats were operating at a high rate of speed.
Steven Posner was the eldest son of corporate raider Victor Posner who died in 2002.
Father and son were barred from serving as officers or directors of public companies by the Securities and Exchange Commission after being named in the landmark securities fraud suit that included Michael Milken and Drexel Burnham Lambert.
Posner worked with his father until the late 1980s when they had a falling out over trust money.
