Sir Tim Wallis died this afternoon (Tuesday October 17), aged 85.

In a statement, his wife and children said: "It is with great sadness that we advise the death of our beloved Tim."

The aviation entrepreneur died at home this afternoon "surrounded by family with a helicopter parked outside his window".

"An exceptional man and a wonderful life."

Sir Tim is survived by his wife Prue and their two sons, Toby and Jonathan.

The Warbirds Over Wanaka community released a statement to mark the death of the airshow founder, patron and number one fan.

Sir Tim was the driving force behind the event for 20 years after the first airshow ‘Warbirds On Parade’ was held in 1988.

Warbirds Over Wānaka Community Trust Chairman John Gilks said Sir Tim’s main reasons for staging the airshow were to share his collection of WWII fighters with the general public but also to help attract visitors to Wānaka which was a sleepy little town back then. 

“He achieved all of that and a lot more. He was a real business entrepreneur and his legacy in this region goes way beyond the airshow.”

Sir Tim’s funeral will be held at Wānaka Airport later next week.

PHOTOS: Supplied