The wrestler had been inducted into the WWE Hall of Fame in 2005 and starred in a number of cult films including 'Hell Comes To Frog Town'.
Hulk Hogan led the tributes from fellow wrestlers, telling TMZ: "I will forever miss him. He was my best friend. He is a legend.
"God's gain is our loss. May his family in this time of need, find peace. Much love forever."
The pair faced off against each other at Wrestlemania I in 1985 and numerous times throughout their careers but remained friends outside the ring.
Reacting to the news, John Cena said: "One of the true greats of all time. My heart goes out to his family and the fans he entertained over the years. RIP Rowdy."
And Kevin Nash added: "RIP to Roddy Piper. Prayers to his family and loved ones."
Chris Jericho shared a picture of them together on Instagram and wrote: "Sorry to hear of the passing of my friend and Wrestlemania rival #RoddyPiper. One of the greatest who ever lived, but more importantly a legit sweet family man with a good heart. God bless you Rod....See you on the other side. #RIPHotRod."
Vince McMahon, Chairman & CEO of WWE, Inc, wrote on Twitter: "Roddy Piper was one of the most entertaining, controversial and bombastic performers ever in WWE... beloved by millions of fans around the world. I extend my deepest condolences to his family."
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