His death on Monday was confirmed by his agent, Ms Lynn Nesbit, who said Wolfe had been hospitalised in a Manhattan hospital with an infection.
Wolfe worked as a reporter at the Springfield Union in MA and as the Latin American correspondent for the Washington Post. As aforementioned, he died in New York City, where he had lived since starting work as a reporter for the New York Herald Tribune in 1962.
He championed the use of unconventional techniques such as "saturation reporting'" which involves the writer shadowing the subject over a long period of time.
He became a leader in the field.
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Wolfe, whose other titles include the essay collection "The Kandy-Kolored Tangerine-Flake Streamline Baby" and the 1987 satirical novel "The Bonfire of the Vanities", gave rise to "New Journalism", a style of non-fiction that placed truth before fact and embraced a subjective perspective.
Wolfe covered a range of topics in his prose, from Ken Kesey and the Beat Generation in the 1968 nonfiction book "The Electric Kool-Aid Acid Test" to Cuban immigrants in Miami in 2012 novel "Back to Blood". He went on to write "The Right Stuff" about the Mercury space program. The resulting bestseller, The Bonfire Of The Vanities, defined the late-1980s era of Wall Street ambition, power and money.
The writer, known for his dapper style and signature white suits, became a star in his own right in the '70s and '80s, which was rare for a journalist.