A spokesman said Pratt’s family was by his side. He will be buried at Kew Synagogue at 11am on Thursday morning.
Pratt had been gravely ill for the last week and was visited by a number of Carlton players both past and present during that time.
Pratt took over the Carlton presidency when the club was battling financially and in dire straits on-field after winning back-to-back wooden spoons.
With Pratt's arrival the finances were soon in order, facility upgrades were on the agenda and the talent started to flow back to Visy Park.
Pratt resigned as president when he was charged with criminal offences over price-fixing. He had earlier being fined $36 million by the Australian Competition and Consumer Commission.
Carlton president Stephen Kernahan said that Carlton was forever indebted to Pratt for having delivered the club from its darkest days.
“He made things happen at this club – giving inspiration, leadership and above all else – belief,” Kernahan said.
“It’s a very sad day for the Carlton Football Club family. Dick Pratt was the man who saved Carlton. There’s no doubt about it.
“All I can say is that when Dick became president, it was as if everyone at Carlton came out of the hailstorm and into the sunshine. That’s how we all felt.”
AFL chief executive Andrew Demetriou said Mr Pratt had made an enormous contribution to Australian life and his work within football was often not realised by the wider community.
“Pratt played a pivotal role in forming and bringing out the Peace Team last year to play in the AFL International Cup. This team brought together Palestinians and Israelis on the sporting field for the first time - a monumental achievement,” Demetriou said.
“Pratt played a pivotal role in the rebirth and reinvigoration of the Carlton Football Club over the last few years, after the club had fallen into financial trouble, and it is now once again in a strong position as one of our game’s leaders.
“On the wider front, he has been a creator of jobs and generous benefactor for so many charities and public works. He will be sadly missed.”
