The Australian billionaire spent his last days surrounded by family at his Woolloomooloo home, in Sydney’s north shore.

He is survived by his wife Sue and three adult children: Blake, Chad and Georgia at his side. Mr Walker had ten grandchildren.

The businessman founded what would later become the Walker Corporation with his father Alec in 1964.

The company originally specialised in earthmoving, excavation and quarrying before moving into residential property – rebranding from A&L Walker to Walker Corporation in 1973.

It later branched into the development of apartments, industrial parks and commercial centres.

A spokesperson for the Walker Corporation confirmed both his family and company would release statements on Sunday afternoon.

Friends told the Daily Telegraph the property tycoon’s health had been deteriorating for some time and Mr Lang had had stints in and out of hospital over Christmas.

Mr Walker’s wealth was estimated to be over $5bn, according to the Australian Financial Review’s rich list last year.

He was awarded an Order of Australia in 2015 for his philanthropic efforts and service to the community.

Mr Walker was a long-time supporter of the St Vincent’s Curran Foundation and the foundation’s neuroscience research at the Garvan Institute of Medical Research.

He was also the benefactor of the the Lang and Sue Walker Centre for Hearing Research, the Garvan Institute, as well as a supporter of St Vincent’s Prostate Cancer Centre and the Children’s Cancer Institute Australia.

The Australian Olympic sailing team and the Youth Sailing Academy also received financial support from Mr Walker.

More to come.