The WWE Hall of Famer was a three-time NWA Champion and one of the most captivating and charismatic figures in wrestling history.
The WWE released a statement saying "Runnels became a hero to fans around the world thanks to his work ethic, his impassioned interviews and his indomitable spirit. Moreover, Runnels was a dedicated father to WWE superstars Goldust (Dustin Runnels) and Stardust (Cody Runnels), a caring husband and a creative visionary who helped shape the landscape of WWE long after his in-ring career had ended."
He became famous during the height of wrestling's popularity in the 1970s and 1980s, appearing in signature yellow polka dot tights with his sidekick "valet" Sapphire.
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One of his more memorable speeches came back on October 29, 1985, when he talked about "hard times" ahead of a match with then-champion Ric Flair.
After the news was announced, other wrestlers took to Twitter to express their condolences.
IN MEMORIAM: Celebrities and notable figures who have died in 2015