Miami Beach Scion Steven Posner Dies in Speed Boat Collision

Steven Posner, 67, a member of one of Miami Beach's most wealthy and notorious families, died yesterday in a collision of two "go fast" boats off the coast. The death comes just months after Steven's twin sister Gail passed away after a fight with cancer. They were the eldest children of Victor Posner, a notorious businessman who became known as the father of the leveraged buyout.

The collision occurred yesterday around 1 p.m a few miles away from Matheson Hammock Marina. Posner was driving his 44-foot "go fast" boat. Also known as "cigarette boats" or "rum runners" the boats can reach speeds in excess of 90 mph. Posner was believed to be racing a friend in a similar boat and when he tried to overtake his friend's vessel the two collided.

Posner was instantly killed, as was 60-year-old Clive Warwick who was also on Posner's boat. Posner's cousin Stuart is in critical condition after being airlifted to Jackson Memorial Hospital. Friedrich Eigelfhoven, a 27-year-old on the other boat, was treated for minor injures. Mark Mclennan was also on the second boat but sustained no injuries.

"He liked boating and fast boats. He died doing something that he loved," Dr. Kelly Posner Gerstenhaber, his daughter, tells The Herald.

Posner was the eldest son of Victor Posner, a Miami Beach mogul who pioneered the hostile take over after his leveraged buyout of the Sharon Steele Corporation. Steven sued his father in 1995 claiming that the elder Posner had cheated him out of millions in trust payments and was mismanaging his company. The dispute ended when the two decided to divvy up their assets by flipping a coin in front of a Miami-Dade judge.

The legal battles continued when Victor wrote his children out of his will shortly before his death in 2001. Steven eventually reclaimed some assets.

Victor's twin sister Gail died quietly earlier this year after a battle with cancer. In true Posner style her death set off a fight over her assets when it was revealed that she left most of her money to her personal employees and her beloved dogs, included Conchita, known as the world's most pampered chihuahua.