In the statement, released to Variety, Rolling Stone and other outlets, family members said Money died peacefully Friday morning.
"It is with heavy hearts that we say goodbye to our loving husband and father," the statement said, according to Variety. "We cannot imagine our world without him. We are grateful that he will live on forever through his music."
In a preview released last month for his AXS TV reality show "Real Money," the singer announced he had been diagnosed with stage 4 esophageal cancer, CNN reported.
"I thought I was just going in to get a checkup, and (the doctor) told me that I got cancer," Money said
According to AXS TV, Money was diagnosed last fall while he was taping the second season of "Real Money." Network officials said last month that Money was also recuperating from complications related to a heart valve procedure he had in June that was unrelated to his cancer.
Money, born Edward Joseph Mahoney on March 21, 1949, in New York City, worked as a police officer for two years before pursuing a career in music. He released his self-titled debut album in 1977, producing hits including "Two Tickets to Paradise," and "Baby Hold On."
He followed the album up with several other Top 40 hits, including 1986's Grammy-nominated "Take Me Home Tonight."
"Real Money" debuted April 2018 on AXS TV. It documented the singer's life, following him, his wife and their five children.
Money is survived by his wife of more than 30 years, Laurie, and their children: Zach, Joe Jesse, Dez and Julian.