An employee at the management office of an apartment complex there told police that the 46-year-old is presumed to have jumped from a window of the apartment building.
Lee Jae-chan is a son of Lee Chang-hee, the late president of magnetic tape supplier Saehan Media who is the second son of the Samsung founder. Lee Chang-hee died of blood cancer in 1991.
Police said they suspect he committed suicide by jumping from his apartment. No suicide note has been found yet.
Lee Jae-chan, former CEO of Saehan Construction, an affiliate of Saehan Group, has not had a job since 2000 when he resigned after a merger, according to reports.
Separated from his family, he lived alone in his apartment for the past five years, the reports said.