James Crown, a billionaire heir, businessman, and socialite, died on Sunday following a car crash at a racetrack in Colorado, according to official reports from his family.
He was 70 years old at the time of his death.
James, who owned the Aspen Skiing Company, missed a turn while driving and hit an impact barrier at Aspen Motorsports Park in Woody Creek, suffering "evident blunt force trauma," the Pitkin County Coroner's Office said in a news release.
According to the coroner's office, his death has been ruled an accident, but the cause of death has yet to be shared.
Chicago Mayor Brandon Johnson shared a statement with CBS Chicago that he was "devastated" when he heard the news.
"A lifelong Chicagoan, Jim gave back to the city through philanthropy and leadership on a number of civic and academic boards as he was deeply committed to investing in Chicago and its people," Johnson said in the statement.
"With his generosity, Jim truly embodied the soul of Chicago. I was especially grateful for his commitment to work collaboratively with my administration to build a safer Chicago, having met recently to share ideas. I send my deepest condolences to his wife, four children, grandchildren, and the entire Crown family and pray for their peace," the mayor continued.
James was a member of the Civic Committee of the Commercial Club of Chicago, a nonprofit community organization whose goal it is to "reduce violent crime" in the area. News reports on this committee report that they plan to introduce new job opportunities to the area - as well as supporting the increase of policing in certain areas, despite evidence that policing doesn't reduce crime in Chicago.
James Crown inherited the fortune from his father, 98-year-old Lester Crown, after his grandfather's death in 1990.
One of the early billionaires, Henry Crown grew up the child of Lithuanian-Jewish immigrant parents who worked in a sweatshop.
He dropped out of school after the eighth grade, founded a steel company by borrowing $10,000 and founded the Material Service Corporation (MSC), which eventually merged with General Dynamics, becoming the figurehead of a defence corporation that was accused more than once of swinging government contracts in their favour.
The fortune was diversified into hotels, sports, and technology. The Crown family co-owns Rockefeller Center with Tishman Speyer. James also owned stakes in Chicago Bulls and New York Yankees. He controlled the Aspen Skiing Company, which owns Aspen Mountain, Aspen Highlands, Buttermilk, and Snowmass.
Henry Crown and his now-deceased grandson consider themselves "philanthropists" who owned only "the stocks and bonds that were closest to his heart were character, principles, strongly held beliefs, high moral values, honour, and integrity," according to Aspen Institute's website.
