Motor racing legend Sir Jack Brabham, a three-time F1 World Champion, has died at the age of 88.

His family confirmed that the Australian passed away peaceful at his home on the Gold Coast on Monday morning.

His youngest son David said in a statement: "It's a very sad day for all of us. My father passed away peacefully at home at the age of 88 this morning.

"He lived an incredible life, achieving more than anyone would ever dream of and he will continue to live on through the astounding legacy he leaves behind."

Racing for Cooper Climax, Brabham won the first of his two Formula 1 World titles in 1959 and 1960.

After his second crown he set up a company with friend and fellow Australian Ron Tauranac to design and build their own cars.

To this day, Brabham remains the only driver in the sport's history to win a World Championship in a car that he manufactured. He won the 1966 title in the Brabham BT19.

He is survived by his wife, Lady Margaret, and sons Geoff, Gary and David.