LAS VEGAS (KTNV) — The estate of Tony Hsieh plans to sell off some of the deceased Zappos founder's downtown Las Vegas real estate holdings.
DTP Companies, through which Hsieh invested hundreds of millions of dollars in downtown real estate and business, made the announcement on Friday.
Through DTP Companies, formerly known as the Downtown Project, Hsieh acquired more than 100 properties and developed now well-used communal sites like Container Park and Fergusons Downtown. He's still lauded for his role in re-vitalizing Las Vegas' downtown 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 to more than $130 million after his death, and the fight over his estate is ongoing.
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Now, his estate will purge some of those investments from Hsieh's bursting portfolio.
"DTP requires a substantial investment of new capital and a significant increase in new development in the downtown area, neither of which Tony's Estate is positioned to undertake at this time," a company spokesperson stated. "To that end, after careful consideration, Tony's Estate has decided to initiate a marketing process and offer for sale some of the real estate it holds in downtown Las Vegas to allow potential new owners to carry on what Tony started, accelerate momentum, and continue to spur development and growth in the area."
DTP said it remains committed, as does Hsieh's estate, to continue 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 stated.
Companies owned by DTP "remain open for business and are 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 go-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 off each other's contributions. In furtherance of his vision, Tony invested more than $350 million into DTP Companies (DTP), formerly known as the "Downtown Project", acquired more than 100 properties and developed iconic communal 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, has kept the business operating and serving people across its diverse portfolio. At the same time, a diligent process has been underway to ensure DTP is best positioned to succeed and to preserve its legacy for the Las Vegas community for many years to come. DTP requires a substantial investment of new capital and a significant increase in new development in the downtown area, neither of which Tony’s Estate is positioned to undertake at this time. To that end, after careful consideration, Tony’s Estate has decided to initiate a marketing process and offer for sale some of the real estate it holds in downtown Las Vegas to allow potential new owners to carry on what 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 are operating as usual. The Estate will continue to be mindful of the community and DTP employees. Updates will be provided as the sale process progresses.
