Segway boss Jimi Heselden died Sunday after driving one of the vehicles off a steep cliff in West Yorkshire, 140 miles from London.
The 62-year-old business tycoon - who had purchased the company earlier this year - apparently lost control of the Segway as he traveled on a rutted road built along a cliffside near his estate.
According to the Telegraph, the narrow pathway is dangerously littered with tree roots and used mainly by hikers.
After losing control of the Segway, Heselden reportedly dropped some 80 feet into a rushing river below the cliff.
He was pronounced dead at the scene.
The wealthy Heselden, worth an estimated £166 million, was well known for his philanthropic activities, including helping disadvantaged youth and seniors in the city of Leeds.
"We are all devastated and saddened to hear of the tragic death of Jimi Heselden OBE," Tom Riordan, the chief executive of Leeds City Council, told the Telegraph in an official statement.
"Jimi was an amazing man who, apart from being a wonderful success story for Leeds due to his business acumen, was also remarkably selfless and generous, giving millions to local charities to help people in his home city.
"He will be hugely missed and at this awful time our thoughts are with his family and friends."
The Segway, often described as a motorized scooter that changes direction depending on which way its driver tilts, was originally invented by Dean Kamen and launched in 2002.