Buss died at Cedars-Sinai Medical Center in Los Angeles, said Bob Steiner, his assistant.
Buss had been hospitalized for most of the past 18 months while undergoing cancer treatment, but the immediate cause of death was kidney failure, Steiner said. With his condition apparently worsening in recent weeks, several prominent former Lakers visited Buss to say goodbye.
"The NBA has lost a visionary owner whose influence on our league is incalculable and will be felt for decades to come," NBA commissioner David Stern said. "More importantly, we have lost a dear and valued friend."
Under Buss' leadership since 1979, the Lakers became Southern California's most beloved sports franchise and a worldwide extension of Hollywood glamour.
Buss acquired, nurtured and befriended a staggering array of talented players and basketball minds during his Hall of Fame tenure, from Magic Johnson and Kareem Abdul-Jabbar to Bryant, Shaquille O'Neal and Dwight Howard.
"He was a visionary, he was a trailblazer," Johnson said during an interview on "SportsCenter" on Monday afternoon. "He did things that were, at that time, people thought wasn't cool, wasn't proper. He was a man who walked the walk and talked the talk. He produced championships, because he was the most competitive owner you could ever meet in your life."
"Condolences to the Buss family," tweeted James Worthy, the Lakers' Hall of Fame forward. "Dr Buss was not only the greatest sports owner, but a true friend & just a really cool guy. Loved him dearly."
Few owners in sports history can approach Buss' accomplishments with the Lakers, who made the NBA Finals 16 times during his nearly 34 years in charge, winning 10 titles between 1980 and 2010. The Lakers easily are the NBA's winningest franchise since he bought the club, which is now run largely by Jim Buss and Jeanie Buss, two of his six children.
"We not only have lost our cherished father, but a beloved man of our community and a person respected by the world basketball community," the Buss family said in a statement issued by the Lakers.
"It was our father's often-stated desire and expectation that the Lakers remain in the Buss family. The Lakers have been our lives as well, and we will honor his wish and do everything in our power to continue his unparalleled legacy."
The Buss family owns approximately 65 percent of the Lakers, a team source told ESPNLosAngeles.com. A team spokesman reiterated the family's intention to maintain majority ownership of the franchise.
"The future of the organization will remain unchanged," Lakers spokesman John Black said Monday during a news conference. "Dr. Buss set it up years in advance -- he planned for the team to remain with the family.
"For the past several years, Jim Buss has been running the basketball operations and working in conjunction with our general manager Mitch Kupchak, and that will continue. Jeanie Buss has been running the business operations for 15 years, and that will continue. As far as the operation and running of the team, that will be unchanged."
Buss always referred to the Lakers as his extended family, and his players rewarded his fanlike excitement with devotion, friendship and two hands full of championship rings. Working with front-office executives Jerry West, Bill Sharman and Kupchak, Buss spent lavishly to win his titles despite lacking a huge personal fortune, often running the NBA's highest payroll while also paying high-profile coaches Pat Riley and Phil Jackson.
Always an innovative businessman, Buss paid for the Lakers through both their wild success and his own groundbreaking moves to raise revenue. He co-founded a basic-cable sports television network and sold the naming rights to the Forum at times when both now-standard strategies were unusual, further justifying his induction to the Pro Basketball Hall of Fame in 2010.
"RIP Jerry Buss. Your encouragement and support along with your stories of staying true to yourself had an enormous impact on me," tweeted Dallas Mavericks owner Mark Cuban.
"Dr. Jerry Buss was a cornerstone of the Los Angeles sports community and his name will always be synonymous with his beloved Lakers," Los Angeles Mayor Antonio Villaraigosa said. "It was through his stewardship that the Lakers brought 'Showtime' basketball and numerous championship rings to this great city. Today we mourn the loss and celebrate the life of a man who helped shape the modern landscape of sports in L.A."
Johnson and fellow Hall of Famers Abdul-Jabbar and Worthy formed lifelong bonds with Buss during the Lakers' run to five titles in nine years in the 1980s, when the Lakers earned a reputation as basketball's most exciting team with their flamboyant Showtime style. The buzz extended throughout the Forum, where Buss used the Laker Girls, a brass band and promotions to keep Los Angeles fans interested in all four quarters of their games.
Jackson then led O'Neal and Bryant to a three-peat from 2000 to '02, rekindling the Lakers' mystique, before Bryant and Pau Gasol won two more titles under Jackson in 2009 and 2010.
"Our drive to be successful was there," Bryant said in an interview with 710 ESPN Radio in Los Angeles. "Championship or bust -- that starts with Dr. Buss."
Although Buss gained fame and fortune with the Lakers, he also was a scholar, renaissance man and bon vivant who epitomized California cool -- and a certain Los Angeles lifestyle -- for his entire public life.
Buss rarely appeared in public without at least one attractive, much younger woman on his arm at USC football games, boxing matches at the Forum, poker tournaments -- and, of course, Lakers games from his private box at Staples Center, which was built under his watch. In failing health recently, Buss hadn't attended a Lakers game this season.
Buss earned a Ph.D. in chemistry at age 24 and had careers in aerospace and real estate development before getting into sports. With money from his real-estate ventures and a good bit of creative accounting, Buss bought the then-struggling Lakers, the NHL's Los Angeles Kings and both clubs' arena -- the Forum -- from Jack Kent Cooke in a $67.5 million deal that was the largest sports transaction in history at the time.
The reported estimated value of the Lakers at the time of that deal was $16 million. Forbes Magazine estimated last month that the Lakers currently are worth $1 billion, second to the New York Knicks among NBA franchises.
Buss also helped change televised sports by co-founding the Prime Ticket network in 1985, receiving a star on the Hollywood Walk of Fame in 2006 for his work in television. Breaking the contemporary model of subscription services for televised sports, Buss' Prime Ticket put beloved broadcaster Chick Hearn and the Lakers' home games on basic cable.
Buss also sold the naming rights to the Forum in 1988 to Great Western Savings & Loan -- another deal that was ahead of its time.
Born in Salt Lake City, Gerald Hatten Buss was raised in poverty in Wyoming before improving his life through education. He attended USC for graduate school, eventually becoming a chemistry professor and working as a chemist for the Bureau of Mines before his life took a turn into wealth and sports.
The former mathematician claimed his fortune grew out of a $1,000 real-estate investment in a West Los Angeles apartment building with partner Frank Mariani, an aerospace engineer and co-worker.
Buss purchased Cooke's entire Los Angeles sports empire in 1979, including a 13,000-acre ranch in Kern County. Buss' love of basketball was the motivation for his purchase, and he immediately worked to transform the Lakers -- who had won just one NBA title since moving west from Minneapolis in 1960 -- into a star-powered endeavor befitting Hollywood.
"One of the first things I tried to do when I bought the team was to make it an identification for this city, like Motown in Detroit," he told the Los Angeles Times in 2008. "I try to keep that identification alive. I'm a real Angeleno. I want us to be part of the community."
Buss' plans immediately worked: Johnson, Abdul-Jabbar and coach Paul Westhead led the Lakers to the 1980 title. Johnson's ballhandling wizardry and Abdul-Jabbar's smooth inside game made for an attractive style of play evoking Hollywood flair and West Coast sophistication.
Riley, the former broadcaster who fit the L.A. image perfectly with his slick-backed hair and good looks, was surprisingly promoted by Buss early in the 1981-82 season after West declined to co-coach the team. Riley became one of the best coaches in NBA history, leading the Lakers to four straight NBA Finals and four titles, with Worthy, Michael Cooper, Byron Scott and A.C. Green playing major roles.
"Today, in the world of sports, we have lost a true giant," Riley said in a statement. "Jerry Buss was more than just an owner. He was one of the great innovators that any sport has ever encountered. He was a true visionary and it was obvious with the Lakers in the 80's that 'Showtime' was more than just Magic Johnson and Kareem Abdul-Jabbar. It was really the vision of a man who saw something that connected with a community.
"I was privileged to be part of that for 10 years and even more grateful for the friendship that has lasted all these many years. I have always come to realize that if it weren't for Dr. Buss, I wouldn't be where I am today. I owe my start in professional coaching to him, and I will always hold him and his memory in the highest of regards."
Overall, the Lakers made the finals nine times in Buss' first 12 seasons while rekindling the NBA's best rivalry with the Boston Celtics, and Buss basked in the worldwide celebrity he received from his team's achievements. His womanizing and partying became Hollywood legend, with even his players struggling to keep up with Buss' lifestyle.
Johnson's HIV diagnosis and retirement in 1991 staggered Buss and the Lakers, the owner recalled in 2011. The Lakers struggled through much of the 1990s, going through seven coaches and making just one conference finals appearance in an eight-year stretch despite the 1996 arrivals of O'Neal, who signed with Los Angeles as a free agent, and Bryant, the 17-year-old high schooler acquired in a draft-week trade.
O'Neal and Bryant didn't reach their potential until Buss persuaded Jackson, a six-time NBA champion while coaching the Chicago Bulls, to take over the Lakers in 1999. Los Angeles immediately won the next three NBA titles in brand-new Staples Center, AEG's state-of-the-art downtown arena built with the Lakers as the primary tenant.
After the Lakers traded O'Neal in 2004, they hovered in mediocrity again until acquiring Gasol in a heist of a trade with Memphis in early 2008. Los Angeles made the next three NBA Finals, winning two more titles.
Through the Lakers' frequent successes and occasional struggles, Buss never stopped living his Hollywood dream. He was an avid poker player, frequently participating in high-stakes tournaments, and a fixture on the Los Angeles club scene well into his 70s, when a late-night drunk-driving arrest in 2007 -- with a 23-year-old woman in the passenger seat of his Mercedes-Benz -- prompted him to cut down on his partying.
Buss owned the NHL's Kings from 1979 to '87, and the WNBA's Los Angeles Sparks also won two league titles under Buss' ownership. He also owned Los Angeles franchises in World Team Tennis and the Major Indoor Soccer League.
Jerry Buss still served two terms as president of the NBA's Board of Governors and was actively involved in the 2011 lockout negotiations, developing blood clots in his legs attributed to his extensive travel during that time.
ESPNLosAngeles.com's Ramona Shelburne and Arash Markazi and The Associated Press contributed to this report.