Recently honored: Legendary WWE wrestler The Ultimate Warrior collapsed and died Tuesday just days after he was inducted into the WWE Hall of Fame as part of the most recent Wrestlemania Week
The wrestler was walking to his car with his wife just before 6pm when he fell to the ground, TMZ reported.
He was taken to a nearby hospital where he was pronounced dead.
Hellwig, who started in the ring in 1987 and counted Hulk Hogan among his many victories, legally changed his name to Warrior in 1993 to match the name of his neon-faced, wild-haired alter-ego.
He became a household name after besting the Hulk in 1990's Wrestlemania VI, the highlight of a 13-year career in professional wrestling that included three stints in what was then known as the WWF.
Wrestling star The Ultimate Warrior stars in video game ad
Legend: Born James Brian Hellwig, Warrior legally assumed his stage name in the early 1990s after his meteoric rise to fame following his defeat of champion Hulk Hogan in 1990
Ultimate Champion: The Ultimate Warrior pictured after taking the WWF Championship belt from Hulk Hogan after their epic battle at Wrestlemania VI in 1990, an event which was probably the highlight of his career
Victorious: Warrior carries off the belt as he is cheered by the crowd, in the heyday of professional wrestling
Despite a long feud with WWE management, which included several lawsuits, Warrior was inducted into the organisation's Hall of Fame on Saturday.
On Monday, less than 24 hours before his collapse, he appeared in the ring at WWE Raw in New Orleans, where he gave a poignant speech that appeared to foreshadow his own death.
After pulling on a mask that looked like the facepaint he wore at the height of his career and switching into the voice of his wrestling alter-ego, he said: 'No WWE talent becomes a legend on their own.
'Every mans heart one day beats its final beat. His lungs breathe their final breath. And if what that man did in his life what makes the blood pulse through the body of others and makes them bleed deeper and something larger than life then his essence, his spirit, will be immortalized. By the story tellers, by the loyalty, by the memory of those who honor him and make the running the man did live forever.
'You, you, you, you, you, you are the legend makers of Ultimate Warrior. In the back I see many potential legends. Some of them with warrior spirits. And you will do the same for them. You will decide if they lived with the passion and intensity. So much so that you will tell your stories and you will make them legends, as well. I am The Ultimate Warrior. You are the Ultimate Warrior fans and the spirit of Ultimate Warrior will run forever.'
Ultimate Warrior's final WWE appearance at Raw on Monday
News of Warrior's death was met with an outpouring of grief on Twitter.
'Saddened to announce the passing of the Ultimate Warrior. Icon and friend. My sympathy to his wife Dana and his daughters,' wrote WWE COO Triple H.
Dwayne Johnson, aka The Rock, posted: 'Loss always has a way of reminding us to live and love as greatly as we can. My prayers and strength to his family.
'RIP Ultimate Warrior.'
Hulk Hogan said simply: 'RIP WARRIOR. Only love.'
WWE.com released a statement, it read: 'WWE is shocked and deeply saddened to learn of the passing of one of the most iconic WWE Superstars ever, The Ultimate Warrior.
'Warrior began his WWE career in 1987 and quickly went on to become one of the biggest stars in WWE history. Warrior became WWE Champion at WrestleMania VI, defeating Hulk Hogan in an epic encounter.
'We are grateful that just days ago, Warrior had the opportunity to take his rightful place in the WWE Hall of Fame and was also able to appear at WrestleMania 30 and Monday Night Raw to address his legions of fans.
'WWE sends its sincere condolences to Warriors family, friends and fans. Warrior was 54 and is survived by his wife Dana and his two daughters.'
Watch the 1990 match in which Warrior defeated Hulk Hogan...
