Billionaire Investor And JPMorgan Director James Crown Dies In Race Car Crash

James Crown, an American businessman, billionaire investor, and longstanding JPMorgan Chase director, died Sunday in a motor racing accident in Colorado while celebrating his 70th birthday. According to The Colorado Sun, Mr. Crown died in a single-vehicle incident at Aspen Motorsports Park near Woody Creek after striking with an impact barrier.

“The official cause of death is pending autopsy, although multiple blunt force trauma is evident,” said the Pitkin County Coroner’s Office in a news release. His death was ruled to have been an accident.

Mr Crown was a frequent visitor to Colorado ski region, and his family controls the Aspen Skiing Co., an Aspen-based operator of mountain and ski area services.

”The Crown family is deeply saddened by the sudden passing of Jim Crown. The family requests that their privacy be respected at this difficult time. Further details regarding plans for a memorial to remember Jim’s remarkable life will be released at a later date,”  a family spokesperson told the Aspen Times in a statement. 

Mr. Crown was the CEO and president of his family’s business, the investment firm Henry Crown and Company, from which he inherited his roughly $10.2 billion fortune. Founded in Chicago in 1919, the privately-held operation started as a family-owned building material business. “Through hard work and perseverance,” the company grew into one of the largest privately held businesses and land developers in the United States, according to its website. 

He was also a director of several companies including JPMorgan, General Dynamics, and Sara Lee.  In 2014, President Barack Obama appointed Crown to the President’s Intelligence Advisory Board. Last week, he also attended the White House State Dinner last week honouring Prime Minister Narendra Modi.

Mr Obama said he and wife Michelle were heartbroken over his death. He tweeted, ”Jim Crown was a pillar of Chicago who cared deeply about making our city a place where everybody can thrive. Michelle and I were also very lucky to call him a dear friend. We’re heartbroken today, and we send our love to Paula and their wonderful family in this difficult time.”