Controversial Australian business tycoon Alan Bond has died in a Perth hospital.
Mr Bond, 77, died following complications from heart surgery earlier this week.
Mr Bond's children John Bond and Jodie Fewster, said Mr Bond had passed away this afternoon.
"His body finally gave out after heroic efforts of everyone involved here at the intensive care unit at Fiona Stanley hospital," Mr Bond said.
"He never regained consciousness after his surgery on Tuesday."
Mr Bond was part of the syndicate that won the America's Cup in 1983, breaking the United States' 132-year stranglehold on the title and ending the longest winning streak in the history of sport.
Mr Bond was one of WA's most prominent business figures for more than a decade and at one stage was the nation's largest brewer.
He also set up Australia's first privately funded university.
But his empire crumbled in the 1990s, eventually being bankrupted for $A622 million, which still stands as the second-largest personal bankruptcy in Australian history.
He also served time in jail for siphoning off $A1.2 billion to prop up his ailing Bond Corporation.
After a 19-year absence from the nation's rich list, Mr Bond resurfaced in 2008 with a personal fortune estimated to be worth $A265 million.