Billionaire businessman James ‘Jim’ Crown, a JPMorgan board member and member of one of the US’ richest families, tragically died in a racing crash on his 70th birthday in Aspen, Colorado on Sunday.
James Crown, a well-known Chicago billionaire died in a car crash at a race track in Colorado on Sunday.
James Crown suffered blunt force trauma after hitting an impact barrier at Aspen Motorsports Park in Woody Creek, as confirmed by the Pitkin County Coroner’s Office.
The official statement from the Coroner’s Office indicated that the cause of death is pending autopsy, but evident signs of multiple blunt force trauma point to an accident. The crash is presently under investigation by the Coroner’s Office, alongside the Pitkin County Sheriff’s Office and the Colorado State Patrol.
Crown, who celebrated his 70th birthday on Sunday, held the positions of chairman and CEO at Henry Crown and Company, his family’s investment firm. Besides, he served as a director of JPMorgan Chase and acted as the lead director for General Dynamics Corporation.
“He was the leader of our family both intellectually and emotionally, and he looked out for everybody,” Lester Crown, Crown’s father, shared his sentiments with the Chicago Sun-Times. “He also was a great leader also for the community. It’s just a heartfelt loss.”
A family spokesperson, speaking to the Aspen Times, expressed the Crown family’s profound sorrow over Jim’s sudden demise in an accident.
“The Crown family is deeply saddened by the sudden passing of Jim Crown in an accident earlier today. The family requests that their privacy be respected at this difficult time,” said the spokesperson. “Further details regarding plans for a memorial to remember Jim’s remarkable life will be released at a later date.”
At the moment of his death, Crown resided in Chicago but was a frequent visitor to Colorado, where he owned a home in Pitkin County. He was the chairman emeritus on the board that governs the Aspen Institute. He also held the role of managing partner at Aspen Skiing Co.
Notably, in 2014, President Barack Obama personally appointed Crown to serve on his intelligence advisory board.
Upon learning of Crown’s passing, Chicago Mayor Brandon Johnson expressed his profound devastation. In a statement to CBS Chicago, Mayor Johnson acknowledged Crown as a lifelong Chicagoan who dedicated himself to the betterment of the city through philanthropy and his active involvement in various civic and academic boards.
Johnson emphasized Crown’s unwavering commitment to investing in Chicago and its people, considering him a true embodiment of the spirit of the city.
“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.
The mayor further expressed gratitude for Crown’s generosity and highlighted their recent collaboration, where they exchanged ideas on building a safer Chicago. Mayor Johnson cherished the opportunity to work alongside Crown, recognizing his genuine dedication to the welfare of the city and its residents.
He added, “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.”
According to Forbes, the Crown family’s wealth was estimated to be $10.2 billion in 2020, underscoring their significant financial standing and influence.
Crown is survived by his wife Paula, their four children, and his parents.