Billionaire Charles Wyly dies in car crash

Texas billionaire Charles Wyly, a major philanthropist and donor to Republican causes, died in a car accident on Sunday in Colorado. He was 77.

Wyly, who owned a house outside Aspen, was turning onto a highway when his Porche was hit by a sport utility vehicle, the Associated Press reports. Wyly was taken to Aspen Valley Hospital, where he died.

Charles, along with his younger brother Sam, was well known in Republican circles. Over the past two decades, the Wyly family has donated almost $2.5 million to more than 200 Republican candidates, according to the AP. The brothers said they'd given $10 million to candidates and causes since the 1970s. Texas Governor Rick Perry alone has received $300,000 from the Wylys since 2000.

The brothers were also known for their philanthropic efforts. Together with their wives, they gave $20 million to help build Dallas' new performing arts center. A theater there is named after Charles.

Last summer, the Securities and Exchange Commission accused Wyly and his brother of "using offshore havens to hide more than a half-billion dollars in profits over 13 years of insider stock trading," the AP reports. The Wylys denied the allegations, but The Dallas Morning News reports that a federal judge refused to dismiss the case in March, and that just two weeks ago the court ordered the brothers to turn over documents they were attempting to withhold.

Sam Wyly told The Aspen Daily News that he had attended church with his brother on Sunday morning.

“He always saw the good in other people,” Sam Wyly said. “He was just a very decent guy and kind, as well as a strong guy.

Both Wylys studied at Louisiana Tech University in the 1950s, and then went on to work at IBM. They later founded and led several companies, including their software company, University Computing, and the arts and crafts retail chain Michaels Stores Inc., according to the AP.

According to The Morning News, Wyly's death has stunned the Dallas arts community.

“Charles was the most wonderful and generous friend and champion any person or organization could hope to be affiliated with," Robyn Flatt, executive artistic director of Dallas Children’s Theater, told the paper. "He was a true friend of the arts and our community, a friend who truly cared and who truly made a difference. His contributions to the growth and well-being of both the Dallas Theater Center and Dallas Children’s Theater are immeasurable.”

Wyly is survived by wife, four children and seven grandchildren