Billionaire businessman Mohamed Al-Fayed has died at the age of 94, nearly 26 years after the car crash that killed his eldest son, Dodi, and Diana, Princess of Wales.

According to a statement released Friday, the former owner of the Harrods department store empire died "peacefully of old age on Wednesday, August 30."

"Mrs. Mohamed Al Fayed, her children and grandchildren wish to confirm that her beloved husband, their father and their grandfather, Mohamed, has passed away peacefully of old age on Wednesday, August 30, 2023. He enjoyed a long and fulfilled retirement surrounded by his loved ones," said Fulham FC, a football club owned by the businessman, according to the BBC.

The club also took the opportunity to pay tribute to the billionaire and send heartfelt condolences to Al Fayed's loved ones.

The life of the billionaire

Mohamed Al Fayed was born on January 27, 1929 in Alexandria, Egypt. He moved to Britain in the 1960s and began growing his empire. The businessman acquired House of Fraser, which owns Harrods, and the Hôtel Ritz in Paris. The man went from selling sodas on the street in his homeland to becoming an influential businessman.

Al Fayed was also the father of five children; one was Dodi, a film producer who died in a car accident with Diana, Princess of Wales. Since then, the billionaire's life has changed. The businessman became obsessed with theories that his son and the princess were victims of an attack orchestrated by the British monarchy.

He became persona non grata among sectors of the country's elite due to the constant insults he hurled against the royal family.