David passed away at the Four Seasons hotel in Westferry Circus, London this morning (12 April).
The news was confirmed by his friend and former bodyguard Imad Handi in a statement today: "It is with great sadness that I can confirm that David Gest has died today. David was truly larger than life. He was not just a huge talent and a dear friend but a showbiz icon.
"I know he will be missed by millions of fans around the world, and particularly in Britain, who came to love his charm and blistering one-liners. If I may steal the words of one eminent critic, David was a natural star and a genuine celebrity. I will miss him desperately."
London Ambulance Service were called to the scene and David was pronounced dead at the hotel. Police have said there appear to be no suspicious circumstances.
A Scotland Yard spokesman added: "A post-mortem will be held in due course. Next of kin are in the process of being informed."
David, who appeared on the 17th series of Celebrity Big Brother earlier this year, sparked concerns for his health while in the house when he was placed into a separate room to rest after falling ill. He then left the house early due to medical reasons.
The reality star, who was close friends with the late Michael Jackson, was married to Liza Minnelli from 2002 to 2003, but only officially divorced in 2007.
David also appeared on the sixth series of I'm a Celebrity...Get Me Out of Here in 2006. He was due to begin a UK tour entitled David Gest is Not Dead, But Alive With Soul, in July.
The tour was named after the mix-up on CBB, when fellow housemate Tiffany Pollard mistakenly thought David Gest - not David Bowie - had died.