Steve Leonard, Investor Who Made Big Bets on Denver Real Estate, Dies at 69
Real Estate Investor Steve Leonard, Who Made a Fortune in Denver, Dies at 69
Steve Leonard, a real estate investor who made a bold bet on the struggling Denver market in the 1990s and profited handsomely, has passed away at the age of 69. Leonard, who founded Pacifica Holding Co. in the early 1980s, saw an opportunity in Denver’s depressed real estate market following the 1980s oil crash and quickly became one of the city’s largest property owners.
Leonard’s investment in Denver paid off handsomely, with Pacifica Holding Co. acquiring millions of square feet of commercial real estate in the region. Leonard’s unconventional approach to business, including wearing flip flops to meetings and prioritizing personal relationships over paperwork, set him apart from traditional investors.
In 1997, Leonard made the decision to sell nearly all of his Denver holdings, believing that the market had fully recovered. His foresight proved to be accurate, as he was able to sell his properties for a significant profit. Leonard continued to invest in real estate in California after leaving Denver, founding Pacifica Capital Investments and focusing on undervalued public companies.
Despite his success in Denver, Leonard’s legacy extends beyond his real estate investments. He was a passionate advocate for conservative causes and founded “Brokers for Battered Kids,” a charity organization that brought real estate professionals together to compete in sports for charity.
At the time of his death, Leonard was still actively working and had expressed interest in re-entering the distressed office space market in downtown Denver. With office vacancy rates on the rise due to the pandemic, Leonard saw an opportunity to once again make a mark on the Denver real estate scene.
Steve Leonard’s legacy as a visionary investor and passionate advocate for conservative causes will be remembered by those who knew him. His impact on the Denver real estate market continues to be felt today, as his former properties remain a key part of the city’s commercial landscape.