Co-founder of $1.6B real estate firm killed in plane crash

The co-founder of a $1.6 billion real estate funding firm was among the many six individuals killed when a jet crashed near Lake Tahoe final week.

None of the opposite victims who died in the crash have been recognized, however the Texas-based Rainier Companies mentioned Monday in a press launch that its co-founder John Kenneth Dunn, 62, was amongst these killed on the flight from Coeur D’Alene, Idaho.

The National Transportation Safety Board is investigating what precipitated the Bombardier CL 600 jet to crash because the pilot was making an attempt to land at Truckee-Tahoe Airport, a spokesman for the Federal Aviation Administration mentioned. There had been no survivors.

Dunn created real estate funding firm Rainier Capital Management together with his associate Tim Nichols in 2003.

The firm’s web site says it presently has $1.6 billion in belongings beneath administration.

“The Rainier family is deeply saddened by the loss of its co-founder, partner and friend,” mentioned Rainier President and CEO Danny Lovell. “Our most heartfelt sympathies go to Ken’s family during this unbelievably difficult time. He will be terribly missed.”

Rainier Capital Management co-founder John Kenneth Dunn was amongst 6 individuals killed when a plane crashed close to Lake Tahoe.
John Kenneth Dunn Obituary

An obituary in the Dallas Morning News mentioned Dunn was “traveling with friends to one of his favorite places on earth, Truckee, California.”

He is survived by his spouse, son, daughter, stepdaughter, stepson and three grandchildren.

“After an industrious career in banking and real estate, Ken co-founded Rainier Capital in 2003,” the obituary mentioned. “With his keen instinct for real estate investment, Ken and his partners turned Rainier Capital into a leading commercial real estate investment firm.”

According to the Desert Sun, the opposite victims on the flight embody Kevin Kvarnlov, Ryan Thomas and Christine Thomas, all of whom had connections to Hideaway Golf Club, a personal golf membership and residential neighborhood in La Quinta, California the place houses promote for between $2 million and $6 million. 

Jet crash Lake Tahoe
The Bombardier CL 600 jet crashed because the pilot was making an attempt to land at Truckee-Tahoe Airport.
Matt Mehan/Storyful
Jet crash
An obituary for John Kenneth Dunn mentioned he was “traveling with friends.”
Matt Mehan/Storyful

Officials on the Truckee-Tahoe Airport mentioned the Nevada County Sherriff-Coroner’s Office will verify the identities of the victims “as soon as there is positive identification and next of kin contact has been made.”

“Our thoughts are with those who lost loved ones, and for those who witnessed the tragedy from the ground,” mentioned Kevin Smith, common supervisor of the Truckee-Tahoe Airport District. “As airport employees, residents, and members of the Board of Directors, incidents like this hurt us deeply, and we will do everything in our power to support the NTSB investigation.”

Leading as much as the crash, the communication between the pilot and an air site visitors controller appeared regular till the pilot mentioned, “We’re going to have to circle the runway.”

The controller then instructs the pilot to report the “airport in sight.” The pilot, who didn’t report any emergency, mentioned, “Looking forward to seeing you guys,” in accordance with a LiveATC recording posted by VASAviation.

He then broadcasts: “605 Tango Romeo is making a right hand turn, we got Runway 11 in sight.”

Plane crash.
Other victims on the flight reportedly embody Kevin Kvarnlov, Ryan Thomas and Christine Thomas.
Matt Mehan/Storyful

The controller replies: “Runway 11, clear to land, wind calm.”

Seconds later, the plane went down. The jet plummeted between two houses and burst into flames that had been rapidly extinguished by firefighters.

“It was kind of a shocker, very heartbreaking,” Caroline Bechdolt, co-manager of the golf course, told the San Francisco Chronicle final week.

Luke Brown, who stopped by his mom’s dwelling the place a fireplace extinguisher from the plane had landed, was surprised.

“That almost decapitated someone. I got here 10 to 15 minutes after and it was just flame, blaze, crazy, stuff exploding everywhere,” he advised the paper.

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