LAS VEGAS (KTNV) – The estate of Tony Hsieh plans to sell some of the late Zappos founder’s real estate holdings in downtown Las Vegas.
DTP Companies, through which Hsieh has invested hundreds of millions of dollars in downtown real estate and business, made the announcement Friday.
Through DTP Companies, formerly known as the Downtown Project, Hsieh acquired more than 100 properties and now developed well-used common sites such as Container Park and Fergusons Downtown. He continues to be praised for his role in revitalizing downtown Las Vegas through investment projects, including founding the Life is Beautiful music festival.
Hsieh died unexpectedly in a fire days before his 47th birthday, leaving no will. A host of individuals and companies filed claims of more than $130 million after his death, and the battle over his estate continues.
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Now his estate will remove some of those investments from Hsieh’s bursting portfolio.
“DTP requires a significant investment of new capital and a significant increase in new development in the city centre, which Tony’s Estate is not positioned to undertake at this time,” a company spokesman said. “Therefore, after careful consideration, Tony’s Estate has decided to begin a marketing process and offer for sale some of the real estate it owns in downtown Las Vegas to enable potential new owners to continue what Tony started, accelerating momentum and continuing to spur development and growth in the area.”
DTP said it remains committed, as does Hsieh’s estate, to continuing its goal of revitalizing and improving downtown Las Vegas.
“Since Tony’s death, the Estate and Tony’s immediate family have remained steadfast in their desire to see his dream and the mission of DTP fulfilled for the benefit of the Las Vegas community,” the company said.
DTP-owned companies “remain open for business and operating as usual,” a DTP spokesperson wrote. “The estate will continue to be mindful of the community and DTP employees.”
The full statement can be read below:
The estate of Tony Hsieh today provided an update on its forward strategy for its real estate holdings. Tony Hsieh envisioned the transformation and revitalization of downtown Las Vegas into a vibrant, synergistic community where people live, work, play and build on each other’s contributions. In furtherance of his vision, Tony invested more than $350 million in DTP Companies (DTP), formerly known as the “Downtown Project”, acquired more than 100 properties and developed iconic community sites such as Container Park and Fergusons. Since Tony’s death, the Estate and Tony’s immediate family have remained steadfast in their desire to see his dream and the mission of DTP fulfilled for the benefit of the Las Vegas community. Tony’s Estate, through the dedicated people of DTP, kept the business going and serving people across its diverse portfolio. At the same time, a diligent process is underway to ensure that DTP is best positioned to succeed and preserve its legacy for the Las Vegas community for many years to come. DTP requires a significant investment of new capital and a significant increase in new development in the city centre, which Tony’s Estate is not positioned to undertake at this stage. To that end, Tony’s Estate, after careful consideration, has decided to begin a marketing process and offer for sale some of the real estate it holds in downtown Las Vegas to enable potential new owners to continue that Tony started, accelerate momentum and continue to spur development and growth in the area. All companies under the DTP umbrella remain open for business and operate as usual. The estate will continue to be mindful of the community and DTP employees. Updates will be provided as the sale process progresses.
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