Smith and his brother Harry own Treyball Development Inc., a Beverly Hills-based company named after Trey Smith, and his family reside in Los Angeles, California. In 2018, Smith celebrated his 50th birthday by performing a bungee jump from a helicopter in the Grand Canyon. Smith was insured by Lloyd's of London for $200 million for the jump which raised money for the charity Global Citizen. In an interview with "The Guardian" in 2012, he said that he is fluent in Spanish, owing to his time backpacking through Guadalajara, Mexico in his youth.