His agent said he had been hospitalized with an infection.
In 2013, the NYPL acquired Wolfe's entire archive, including drafts and outlines for "The Electric Kool-Aid Acid Test" and "The Right Stuff", dozens of notebooks and countless notes detailing his development of New Journalism, and more than 10,000 letters including correspondence with Hunter S. Thompson and William F. Buckley.
Wolfe started as a reporter at the Springfield (Massachusetts) Union before moving onto the Washington Post.
In addition to his novels and nonfiction books, Wolfe pioneered the "New Journalism" style, which combined reporting with creative literary techniques. He went on to have best-selling success with his works of fiction and non-fiction, which also included "The Kandy-Kolored Tangerine-Flake Streamline Baby". Wolfe himself coined the term in 1973 when he published a book of articles called The New Journalism, featuring the likes of Truman Capote, Joan Didion and Gay Talese, who penned the famous literary-style profile "Frank Sinatra Has A Cold".More news: West Bengal Panchayat results: TMC takes lead in most constituencies
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Wolfe's other big-screen adaptation, the 1990 comedy The Bonfire of the Vanities, was based on his 1987 novel about amorality and excess in 1980s New York City.
In 1979, he published The Right Stuff, a portrait of American heroism, viewed through the exploits of military test pilots and astronauts known as the Mercury Seven, which was made into a successful movie in 1983.
Wolfe became a major figure in the NY social scene, identified with his distinct personal style - typified by a white, 3-piece suit.
Wolfe is survived by his wife, Sheila, and two children, Alexandra and Tommy.