Australian businessman Alan Bond has died of complications following open heart surgery.

Mr Bond went into an induced coma on Tuesday and his been on life support since. His doctor did not go into the nature of the complications that led to his death.

• ‘Hero and fraudster’: Alan Bond remembered
• Alan Bond remains critical after heart surgery
• Bond remains stable in coma

Speaking outside the Fiona Stanley Hospital in Perth, Mr Bond’s son John Bond said his father never regained consciousness after he went into a coma on Tuesday, despite the “heroic efforts” of the doctors treating him.

“To us he was just Dad. He tried his best to be the best Dad he could,” he said.

“Dad was vitally interested in everything that we did, with that ever inquiring mind of his … We will all miss him very much.”

“We do hope we can now have a little time in private to share our grief together.”

Alan Bond was 77.

Bond, known as one of the biggest fraudsters in Australian history, masterminded the country’s historic America’s Cup win in 1983.

Australia famously ended America’s 132-year unbeaten run and former Prime Minister Bob Hawke said on Friday: “It’s impossible to overstate just how much he lifted the spirits of Australia [with the victory].

“The spirits of Australia were low in the early 1980’s. We had gone through bad economic times. The country was badly divided. But we united around this marvellous, historic victory.”

Opposition leader Bill Shorten said in a statement: “For better and for worse, Alan Bond will always have his own place in Australia’s history.

“I offer my condolences to his family and loved ones.”

Treasurer Joe Hockey said Bond caused Australia ‘reputational damage’ but had also done good things.

“He left a number of positive legacies but there were a lot of tears along the way,” he told Radio 2GB.

– with AAP