Elizabeth Taylor's four children were present when she passed away "peacefully" at Cedars-Sinai Medical Center.
And her son Michael Wilding has released a statement, calling the iconic beauty "an extraordinary woman who lived life to the fullest".
"We know, quite simply, that the world is a better place for Mom having lived in it," he said.
"Her legacy will never fade, her spirit will always be with us, and her love will live forever in our hearts."
Details of the funeral have also been released.
It is to be held later this week, and instead of flowers the family has requested that donations be made to the Elizabeth Taylor Aids Foundation.
Amongst other celebrities paying tribute, British actress Joan Collins, who starred alongside Elizabeth in These Old Broads, called her "the last of the True Hollywood Icons".
Meanwhile, singer George Michael said: "She also did a great deal in the last 25 yrs to help the world deal with the HIV epidemic. I am proud to have known her if only a little."
Photo: © Rex