Businessman John Elliott, who was also a Liberal Party elder and the Carlton Football Club's longest-serving president, has died in hospital aged 79.
His son Tom told listeners of 3AW radio his father "had taken his last breath" on Thursday.
"He had been ill for a few weeks," Tom said.
"It is very sad news for us and my brothers and sisters and all the members of my family."
Mr Elliott was to turn 80 in 10 days.
Melbourne-born Mr Elliott is understood to have been hospitalised after a recent fall.
In a statement, Carlton noted Mr Elliott's passing with sadness.
"He led the Blues through a record 20-year presidency, with the larger-than-life figure overseeing a significant period of on-and-off field success throughout his tenure," the club said.
Tom acknowledged his father's commitment to the Blues.
"Apart from his family, Carlton was the great love of his life."
John Elliott celebrates after the round 21 AFL match between the Western Bulldogs and the Carlton Blues played at the Colonial Stadium in Melbourne 2002. Source: Getty Images AsiaPac
Federal Treasurer Josh Frydenberg was among the first public figures to pay tribute to Mr Elliott.
"He was a proud Victorian and a larger-than-life figure," he tweeted.
Mr Elliott stayed on the party rather than parliamentary side of politics, serving as federal Liberal treasurer and president from the 1980s.
Once touted as a potential prime minister, Mr Elliott chose business over parliament.
His business life included the acquisition of multi-million dollar companies including in the brewing industry.
After a turn in fortune, Mr Elliott declared himself bankrupt in 2005. After the bankruptcy was lifted, he maintained a public profile, including with speaking engagements.
"John Elliott was a huge character," Melbourne-based comedian Dave Hughes said in a tweet on Thursday night.
Mr Elliott was a father to four: Tom, Caroline, Edward and Alexandra.
He was also a grandfather to six.
