His father, Charles Gates Sr., bought Colorado Tire & Leather for $3,500 in 1911.
The Gates Corporation continued to grow, diversify, and acquire other companies, including Learjet.
He also sat on the boards of many other organizations, including the Denver Museum of Nature & Science, home to Gates Planetarium.
He attended Graland Country Day School, class of 1934, and endowed the school to create an invention competition called the Gates Invention and Innovation Competition.
Charles' uncle John Gates invented the V-belt in 1917, a staple component in all modern automotive and industrial applications.