Eileen Bond, the first wife of late business tycoon Alan Bond, has died overnight aged 87.

Her daughter confirmed that Bond passed away last night with her family by her side.

The 87-year-old suffered a severe stroke on Sunday and had developed heart complications.

Eileen and Alan were married in 1955 when they were both just 17 years old.

They had four children together before the pair divorced in 1992.

Alan Bond was a property developer who later expanded into brewing and company acquisitions. In 1987 he bought Channel Nine television network, now the publisher of this website, for $1 billion from Kerry Packer.

He infamously declared bankruptcy in 1992 and five years later in 1997 was sentenced to seven years in prison after pleading guilty to business fraud.