Mr Williams was known as the godfather of tourism on the Gold Coast. The former water-ski champion put the city on the map from the 1960s with his daring water-ski show along the Nerang River.
He set the scene for the city's theme park boom a decade later after establishing Sea World in 1971.
The flamboyant businessman went on to create a world-class resort at Hamilton Island in 1982, and more recently he has been working on a residential resort at Port Hinchinbrook in North Queensland.
In a career spanning more than four decades, Mr Williams frequently battled environmentalists and government bureaucrats opposed to his tourism projects.