US billionaire Thomas Lee dies at 78

American billionaire Thomas Lee.[Getty Images]

American billionaire Thomas Lee has died.

Lee died aged 78 on Thursday, February 23, his family said in a statement, noting they were "extremely saddened by his death".

They, however, did not mention the cause of his death.

The BBC reported that police responded to a 911 call shortly after 11am GMT (2pm East Africa Time) on Thursday from an office on Fifth Avenue in Manhattan, New York.

"Upon arrival, EMS [Emergency Medical Services] responded and pronounced the male deceased at the scene," police said as quoted by the BBC.

A statement by family spokesperson Michael Sitrick said: "While the world knew him as one of the pioneers in the private equity business and a successful businessman, we knew him as a devoted husband, father, grandfather, sibling, friend and philanthropist who always put others' needs before his own."

Lee's net worth was estimated to be $2 billion (Sh252.8 billion) by the time of his death.

In 1992, he acquired beverage company Snapple and sold it two years later (1994) to Quaker Oats for $1.7 billion (Sh26.9 billion), which was 32 times the amount of money he had used to buy the firm.

Lee was also a philanthropist, who served as a trustee for New York City art organisations such as Lincoln Center for the Performing Arts and the Museum of Modern Art.

In 1996, he donated $22 million (Sh348.9 million) to his alma mater Harvard University, part of which was used to provide financial aid to needy students.