Mr Billy Thorpe did pass away at St Vincent's Hospital in the early hours of this morning," St Vincent's spokesman David Faktor told the Nine Network.
"I understand he passed away from a heart attack. His family were with him when he passed away."
Emergency crews attended Thorpe's home in Sydney just after midnight (AEDT) where the 60-year-old was suffering from chest pains.
It's understood Thorpe was taken by ambulance to the hospital about 2am (AEDT).
He stayed in emergency in a serious condition but went into cardiac arrest around 2.30 this morning and hospital staff weren't able to revive him.