DeVos, the billionaire co-founder of Amway, bought the team in September of 1991 and oversaw trips to the NBA Finals in 1995 and 2009. He was inducted into the team's Hall of Fame in 2016.
Billionaire Richard DeVos, co-founder of direct-selling giant Amway, owner of the Orlando Magic and father-in-law of Education Secretary Betsy DeVos, died on Thursday. He was 92.
Family spokesman Nick Wasmiller says DeVos died at his western Michigan home due to complications from an infection.
DeVos was born in Grand Rapids, not far from Ada, the community about 225 kilometres west of Detroit, where he later lived and died.
In 1949, he and friend Jay Van Andel took $49 and invested the modest amount into a manufacturer and vitamin direct-seller Nutrilite.
They became independent vitamin distributors and later used the company's person-to-person selling approach when starting Amway in Ada with an all-purpose household cleaning product.
They coined the name Amway as an abbreviation of "American Way." Over five decades, Amway became a multibillion-dollar international corporation. Van Andel died in 2004.
"Rich and my father built this company from the ground up, and in many ways Rich was the heart and soul of Amway," said Steve Van Andel, Amway's chair. "His vision and spirit inspired our employees and independent business owners for more than 50 years."
Michigan's Republican governor described DeVos as "an incredible businessman, philanthropist and true Michigander."
"The positive impact Rich had on our state is truly immeasurable," Rick Snyder said on Thursday. "Through successful business ventures and charitable endeavours, he created endless opportunities for residents of many different ages and backgrounds. Rich's giving spirit is how we will always remember him, and his legacy is certain to live on forever."
DeVos, who served as Amway's president until 1993, also was involved in the NBA, buying the Magic from a group headed by Orlando real estate developer William duPont III in 1991 for $70 million.
"Mr. DeVos' boundless generosity, inspirational leadership and infectious enthusiasm will always be remembered," Magic CEO Alex Martins said in a statement. "Simply, he was the team's No. 1 cheerleader and the best owner that a Magic fan could ever want for their team."
Amway was not without controversy. The Federal Trade Commission charged in 1969 that the company was an illegal pyramid scheme, but ruled after a six-year investigation that it wasn't.
Amway also has been controversial because of its almost evangelical zeal in promoting free enterprise and gained attention with DeVos' and Jay Van Andel's high-profile participation in Republican politics.
DeVos was a major supporter of the Republican Party and was appointed by President Ronald Reagan to the Presidential Commission on AIDS in 1987.
DeVos and his late wife, Helen, also donated to Christian churches and ministries and various other causes through their Richard and Helen DeVos Foundation.
President of Grand Valley State University board
DeVos also supported Grand Valley State University in Allendale. In the 1970s, he served on its governing board.
He later became president of the university's foundation board.
"Rich gave so much of himself to Grand Valley. His enthusiasm and vision were contagious and drew the entire community together to help provide a world-class education to West Michigan citizens," Grand Valley State President Thomas J Haas said in a written statement.
DeVos and Van Andel also helped revitalise downtown Grand Rapids, and many buildings and institutions in the city bear the names of the men or their company.
DeVos graduated from Grand Rapids Christian High School and attended Calvin College.
He served from 1944-46 in the US Army Air Corps.
His son, Dick, is married to Betsy DeVos, who was appointed Education Secretary by President Donald Trump. He is also survived by three other children, two sisters and a number of grandchildren.