The Oscar-winner died in his sleep on Tuesday at his home in Utah, outside of Provo, The New York Times reported. 

The announcement of his death was made by Cindi Berger, the chief executive of the publicity firm Rogers & Cowan PMK. 

Redford was one of the top Hollywood leading men for decades, appearing in blockbusters such as Butch Cassidy and the Sundance Kid and All the President's Men.

His first big break came in 1963, when he starred on Broadway in Neil Simon's Barefoot in the Park, which he would later reprise. 

He often starred alongside many of Hollywood's leading ladies at the time, like Barbra Streisand in The Way We Were in 1973, and Jane Fonda in the 1967 film, Barefoot in the Park.  

The actor began directing later in life and won an Oscar for Ordinary People in 1980. 

He founded the nonprofit Sundance Institute in 1981, which became a staple in the arts world for years to come.

In 1984, he transformed a struggling film festival into what's now known as The Sundance Film Festival, in Park City, Utah.

It was a home for budding filmmakers to make a statement, famously featuring directors like Quentin Tarantino, Ava DuVernay, James Wan, and Darren Aronofsky.

The festival also became a place to showcase documentaries that involved serious topics, about things like climate change and reproductive rights.

However, as the festival grew more and more popular over the years, Redford spoke out against the commercialization of the event.

'I want the ambush marketers — the vodka brands and the gift-bag people and the Paris Hiltons — to go away forever,' Redford told a reporter during the 2012 festival, according to The New York Times.

He also continued to act later in life, as he played Bill Bryson in A Walk In The Woods in 2015, and John Gage in 1993's Indecent Proposal.