The announcement came just a week after the enigmatic Grammy and Oscar winner -- acclaimed for his guitar skills and soaring falsetto -- was taken to hospital with a bad bout of influenza, which he made light of after the scare.
"It is with profound sadness that I am confirming that the legendary, iconic performer, Prince Rogers Nelson, has died at his Paisley Park residence this morning," said his spokeswoman, Yvette Noel-Schure, without elaborating.
Prince became an international sensation in the 1980s, when he popularized the Minneapolis sound of danceable funk, incorporating rock elements. His 1984 album "Purple Rain" is often described as one of the greatest of all time.
The artist -- whose huge catalogue of hits includes "1999," "Cream" and "Kiss" -- lived on the outskirts of Minneapolis, where he was known for throwing parties and preserving his back recording in vaults at his Paisley Park studio.
He was recently prolific in his output, releasing albums through streaming site Tidal, and has taken to scheduling shows at the last minute to avoid scalpers.
Fellow musicians and other celebrities led an immediate outpouring of tributes and expressions of shock.
"He was definitely an original and a one of a kind," the "Queen of Soul" Aretha Franklin told MSNBC. "Prince is gone, but the music will go on."
"RIP our dearly beloved Prince. Tears and love on our tour bus... I'll never forget my brother. We've had good times," American musician, producer, and guitarist Nile Rodgers tweeted.
"Devastated to hear the news about Prince. An enormous talent that we were all big fans of," the official account of British pop group Duran Duran posted.
"I Miss My Brother. Prince Was A Funny Cat. Great Sense Of Humor," director Spike Lee tweeted.
Recording Academy president Neil Portnow mourned the seven-time Grammy winner, calling him "one of the most uniquely gifted artists of all time."
"Never one to conform, he redefined and forever changed our musical landscape. Prince was an original who influenced so many, and his legacy will live on forever," he said in a statement.
Actress Whoopi Goldberg and TV scientist Neil deGrasse Tyson both observed that Prince's death "is what it sounds like When Doves Cry," referring to the lead single from Purple Rain.
