Controversial business tycoon and former Australian of the Year Alan Bond died in a Perth hospital on Friday.

Mr Bond, 77, died following complications from heart surgery he underwent earlier in the week.

Two of Mr Bond's children John Bond and Jody Fewster, speaking outside Fiona Stanley Hospital on Friday, confirmed Mr Bond had passed away.

"His body finally gave out after heroic efforts of everyone involved here at the intensive care unit at Fiona Stanley Hospital," John Bond said.

"He never regained consciousness after his surgery on Tuesday."

The hospital's executive director Robyn Lawrence said Mr Bond had received high-level care and every effort had been made to save him.

"All efforts were made to do the best to improve his outcome but unfortunately he has passed away," she told reporters outside the hospital.

John Bond paid tribute to his father, whom he said would be greatly missed.

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Watch Duration: 6 minutes 1 second 6 m Alan Bond's death has prompted memories of his greatest triumphs and spectacular fall from grace.

"To a lot of people, Dad was a larger-than-life character who started with nothing and did so much," he said.

"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."

John Bond said his father, a grandfather of eight, and great-grandfather of one, had remained close to his ex-wife Eileen, who is believed to be on her way to Perth from her UK home.

"Mum and Dad were always great soul mates who never broke their connection, even though he could be very infuriating to her," he said.

"She was very sad she did not get back to see him one last time, though they did recently catch up and have a meal together in London."

He said his father had greatly missed his second wife Diana Bliss, who died in 2012.

The family was grateful for the support they had received since his father's surgery, he said.

"Dad was vitally interested in everything that we did with that ever-enquiring mind of his," John Bond said.

"We only half joked to our friends that you had to have a five-year business plan ready when you first met him.

"We'll all miss him very much. He's had a great influence on many people and we're heartfelt in our thanks for all the kind messages of support we've received."

Former prime minister Bob Hawke paid tribute to Mr Bond for his role in winning the America's Cup.

"I think it's impossible to overstate how much he lifted the spirits of Australia," he said.

"You acknowledge the ill that he did, the harm that he caused a lot of people, but on the balance of Alan Bond's life in terms of this nation, Australia, he will always rank remarkably high in terms of the contribution he made to this country."

Mr Bond was part of the syndicate that won the 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 $622 million, which still stands as the second-largest personal bankruptcy in history.

He also served time in jail for siphoning off $1.2 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 $265 million.

'End of an era', analyst says

Finance analyst Tim Treadgold described Mr Bond's death as "the end of an era".

"His death, as you said, wasn't a shock," he told the ABC.

"But it does represent the end of an era. He is the last of the big players from the 80s to pass on.

John Bond said his father "tried his best to be the best dad he could". ( ABC News: Armin Azad )

"We've already said goodbye to Robert Holmes a Court, Laurie Connell, Kevin Parry and Peter Beckwith who were major players in the period up to the '87 stock market crash."

Mr Treadgold said Mr Bond's legacy would be mixed.

"There are people who have very fond memories, very kind thoughts about Alan," he said.

"He fell into that category of likeable rogue. When you met him, it was very hard to dislike him.

"When you looked at some of the deals he did, it was quite easy to dislike him.

"So it will be evenly split between a love/hate relationship, but the man has died and I think the hate should now dissipate."

WA Premier Colin Barnett said he was saddened to hear of Mr Bond's death.

"He was a controversial figure but will also be remembered for a proud moment in Australia's history — which also put WA on the map — the America's Cup win in 1983," Mr Barnett said.

"I extend my sincere condolences to his family."