Tony Hsieh’s estate to explore sale of downtown Las Vegas properties

In this Sept. 30, 2013, file photo, Tony Hsieh speaks during a Grand Rapids Economic Club...
In this Sept. 30, 2013, file photo, Tony Hsieh speaks during a Grand Rapids Economic Club luncheon in Grand Rapids, Mich. Hsieh, retired CEO of Las Vegas-based online shoe retailer Zappos.com, has died. Hsieh was with family when he died Friday, Nov. 27, 2020, according to a statement from DTP Companies, which he founded. Downtown Partnership spokesperson Megan Fazio says Hsieh passed away in Connecticut, KLAS-TV reported. Hsieh recently retired from Zappos after 20 years leading the company. He worked to revitalize the Las Vegas area.(Cory Morse/The Grand Rapids Press via AP, File)
Published: Dec. 2, 2022 at 3:28 PM PST
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LAS VEGAS, Nev. (FOX5) - The Estate of Tony Hsieh announced it would explore the sale of downtown Las Vegas properties Hsieh purchased before his death.

Hsieh had invested more than $350 million into DTP Companies, formerly known as the “Downtown Project,” to develop and revitalize downtown Las Vegas. Now, Hsieh’s Estate says the project needs additional investment.

“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,” Hsieh’s Estate said in a statement. “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 the properties in the DTP umbrella will operate as usual, Hsieh’s team said. They also said the team will be “mindful” of the community and employees of DTP.

Hsieh, the former owner of Zappos, died Nov. 27, 2020 in a fire in Connecticut. Hsieh was considered a pioneer in re-investing in downtown Las Vegas, attempting to make it a larger cultural and tech hub.