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Montecito Resident Steven Posner Dies in Boat Crash

High-speed catamaran collision in Miami kills ex-corporate raider, passenger

Montecito resident and real estate tycoon Steven Posner died in a catamaran crash in Miami on Monday after two boats collided while traveling at high speeds.

Posner, son of the late millionaire businessman Victor Posner, was 67.

Posner’s 44-foot catamaran was racing with a friend’s catamaran in Biscayne Bay when they collided, according to media reports. Killed in the crash were Posner and one of his passengers, Clive Warwick, 60 a British businessman and pinball machine mogul. Posner’s cousin, Stuart Posner, was seriously injured, as was a passenger on the other boat.

Posner and his father drew notoriety as corporate raiders in the 1980s, including a hostile takeover that led to the convictions of Ivan Boesky and Michael Milken. In that case, the Securities and Exchange Commission accused the Posners of conspiring with Boesky and Milken to gain control of Fischbach Corp., a New York-based electrical contracting company. Boesky and Milken pleaded guilty to felony charges related to the transaction but the Posners were not charged. Instead, a U.S. District Court judge ordered the pair banned from further involvement with public companies and to repay $4 million they had received in the Fischbach deal.

The Posners had several of their own legal fights over the years and the younger Posner sued his father in 1995 over a real-estate company. Although terms of the settlement were not disclosed, a resolution reportedly was made by a coin toss. The elder Posner died in 2002.

Posner is survived by his wife, Susan; his daughter, Kelly Gerstenhaber; two sons, Sean and Jarrett; a brother, Troy; a sister, Tracy; and five grandchildren. Posner’s twin sister, Gail, died earlier this year.

Noozhawk staff writer Giana Magnoli can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews or @NoozhawkBiz. Become a fan of Noozhawk on Facebook.

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