In a small saucepan, combine 1 cup water with the sugar and star anise; bring to a boil, stirring occasionally, until sugar has dissolved. Remove pan from heat; let cool completely.
Pour mixture through a fine sieve into a measuring cup (to yield 1 cup); discard star anise. Cover syrup with plastic wrap, and chill.
In a large pitcher, combine grapefruit juice, Campari, and chilled syrup. Divide among eight glasses; top with Champagne. Serve immediately.
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