Mr Bond, 77, is survived by his children John, Craig and Jody.
His son John confirmed the sad news on Friday afternoon in a statement which read: “His body finally gave out after heroic efforts of everyone involved here at the intensive care unit at Fiona Stanley hospital. He never regained consciousness after his surgery on Tuesday.”
He went on to pay tribute to his prolific father: “”To a lot of people, Dad was a larger-than-life character who started with nothing and did so much. He really did experience the highs and lows of life.”
“To us, however, he was just Dad – a father who tried his best to be the best dad he could.”
Mr Bond passed away at Perth’s Fiona Stanley Hospital.
It’s believed the well-known businessman travelled from London to his hometown of Perth to have triple bypass surgery earlier this week.
On Wednesday his children revealed he was in a critical condition via a statement: “Our father Alan Bond has been admitted to hospital and is in a critical condition in the intensive care unit.”
“He underwent open heart surgery to replace a heart valve which was previously replaced almost 20 years ago. He also required repairs to two other valves in his heart.”
Meanwhile Alan’s ex-wife Eileen Bond, whom he was married to from 1955 until 1992, added it was a “very upsetting time.”
The British-born Aussie businessman, who divided his time between Perth and London, initially rose to prominence in the Seventies after purchasing three yachts for the Americas Cup off media magnate Sir Frank Packer.
For more than ten years, he was one of the nation’s wealthiest men.
His past ventures include buying the Channel Nine network off Kerry Packer for $1 billion in 1987 and creating the Australia’s first privately funded university, Bond University.
The British-born entrepreneur started from humble beginnings as a sign writer
In 1992 the father-of-three declared he was bankrupt, with his debts reaching a whopping $1.8 billion.
But it was his four-year stint in jail for defrauding $1.2 billion dollars in 1997 that brought his reputation to the fore.
Speaking about Bond’s polarising nature, Entertainment reporter Peter Ford explained on Radio 6PR on Wednesday: “He’s one of those people who elicits quite a response. Maybe less so in Perth, but people on the east coast would be saying ‘why are you even talking about him, we don’t want to know about him.’”
“But he is someone who has played a significant role in recent Australian history, certainly in the business world.”
For over a decade the Perth local was one of the nation’s richest men
Following his split from Eileen, he went on to marry PR consultant and theatre producer Diana Bliss in 1995.
In January 2012 the 57-year-old was tragically found dead in their pool after committing suicide. “All of a sudden she had gone into a black hole and couldn’t get out of it,” Alan said at the time.
Tragedy struck the Bond family again in 2000, when Alan’s oldest daughter, Susanne, died from what was suspected to be an accidental prescription drug overdose.
Our thoughts are with the Bond family at this difficult time.
Alan, pictured with second wife Diana Bliss, is survived by his three children
