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Multibillionaire businessman and JPMorgan Chase board member James Crown died in a terrible racing accident in Colorado.

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Crown, who had just turned 70, was killed in a single-car crash at Colorado's Aspen Motorsports Park near Woody Creek.

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Throughout his career, Crown maintained the post of chairman and chief executive officer of Henry Crown and Company, the financial corporation run by his family.

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He spent decades contributing as a board member at both General Dynamics and JPMorgan.

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Crown was also a prominent member of the community; he was a managing partner at the Aspen Skiing Company and had posts at the Aspen Institute and the University of Chicago, among others.

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The Crown family has asked for privacy as they grieve their recent loss.

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Multibillionaire businessman and JPMorgan Chase board member James Crown died in a terrible racing accident in Colorado.

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JPMorgan Chase CEO Jamie Dimon sent condolences and remarked on Crown's significance to the firm and to his personal life.

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The official cause of death is now unknown as authorities investigate the tragedy.

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President Joe Biden praised Crown as a fine man, a personal friend, and a great American, demonstrating the breadth of Crown's influence outside the corporate world.