Chicago Billionaire, 70, Dies in Race Car Crash in Colorado on His Birthday

James Crown was killed in a single-vehicle crash at Aspen Motorsports Park in Woody Creek, Colorado

A prominent Chicago billionaire died on Sunday in a racing accident in Colorado.

James Crown was killed in a single-vehicle crash at Aspen Motorsports Park in Woody Creek, Colorado, the Pitkin County Coroner's Office confirmed to PEOPLE.

“The official cause of death is pending autopsy, although multiple blunt force trauma is evident,” the coroner’s office said in a statement. “The manner is accident.”

The crash is currently being investigated by the coroner’s office, as well as the Pitkin County Sheriff’s Office and the Colorado State Patrol.

Crown, who turned 70 on Sunday, was chairman and CEO of his family business, the investment firm Henry Crown and Company. He also served as a director of JPMorgan Chase and lead director of General Dynamics Corporation.

“He was the leader of our family both intellectually and emotionally, and he looked out for everybody,” dad Lester Crown told the Chicago Sun-Times. “He also was a great leader also for the community. It’s just a heartfelt loss.”

“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," a family spokesperson told the Aspen Times in a statement. "Further details regarding plans for a memorial to remember Jim’s remarkable life will be released at a later date."

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At the time of his death, Crown — who lived in Chicago but frequented Colorado, where he had a home in Pitkin County — was the chairman emeritus of the board overseeing the Aspen Institute, which this week is hosting the Aspen Ideas Festival in Aspen. He was also a managing partner of Aspen Skiing Co.

In 2014, President Barack Obama appointed Crown to serve on his intelligence advisory board.

Related: N.J. Student, 18, Who Died in Crash Was Meeting Parents for 'Celebratory Lunch' After Getting Degree

Chicago Mayor Brandon Johnson said he was "devastated" by the news of Crown's death.

"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 a statement to CBS Chicago.

"With his generosity, Jim truly embodied the soul of Chicago," he continued. "I was especially grateful for his commitment to work collaboratively with my administration to build a safer Chicago, having met recently to share ideas."

Forbes estimated the Crown family's wealth at $10.2 billion in 2020.

Crown is survived by his wife Paula and his four children.

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