Lord McAlpine, the former UK Conservative Party deputy chairman has died, his family has announced.
The 71-year-old, who was an aide to Prime Minister Margaret Thatcher, died last night in Italy, his family said.
Prime Minister David Cameron tweeted his thoughts were with his family, adding he was a "dedicated supporter of Margaret Thatcher and the Tory party".
As well as a politician, the peer was an art collector, property developer, author and fundraiser.
He was also part of the McAlpine construction dynasty.
Founded by his grandfather, Sir Robert, the firm is one of the biggest builders in the UK, responsible for the London 2012 Olympic stadium among many other projects.
He was made a director of the family firm at 21, five years after dropping out of top public school Stowe with three O-levels.
Lord McAlpine then went on to make a fortune of his own as a property developer in Australia, before turning to politics in 1975, when he met Lady Thatcher.
He became one of her closest advisers and Conservative Party treasurer throughout her period in office, from 1979 to 1990.
She made him a life peer, Baron McAlpine of West Green in Hampshire, in 1984.
In recent years, Lord McAlpine was wrongly implicated in a child abuse scandal, when the allegations were the subject of a BBC Newsnight investigation.
The programme aired allegations that a Thatcher-era politician was linked to boys that were sexually abused while in the care of a children's home in Wales in the 1970s and 1980s, though it did not name Lord McAlpine.
But several Twitter users were ordered to pay him damages after the High Court found they had tweeted libellous messages about the peer.
The BBC apologised unreservedly and settled his defamation claim for £185,000. The corporation's then director-general, George Entwistle, resigned in the wake of the allegations, after less than two months in the role.
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