A representative for Murphy Petrol Group shared the news: "It is with great sadness that Caroline Murphy and family confirm that Christopher (CM) Mark Murphy, chairman of Murphy Petrol Group has today passed away peacefully at his beloved Ballina property 'Sugar Beach Ranch' surrounded by his family.

"CM celebrated an illustrious career over 40 years and made an incredible impact on the global music and entertainment industry. Best known for taking his 'band of brothers' INXS to worldwide stardom, CM Murphy influenced the lives of many around the globe with his endless passion and drive. He will be greatly missed."

Said the members of INXS: "It is with great sadness that the remaining members of INXS mourn the passing of our brother, Chris Murphy. Without Chris's vision, passion and hard work, the INXS story would be totally different. Chris's star burned very bright and we celebrate a life well lived and send all our love to his family."

INXS was among the most successful groups to emerge from Australia, selling tens of millions of albums worldwide. The band experienced several commercial peaks in the US, chief among them: the 1987 album Kick, which has sold more than 7 million copies.

Its predecessor, 1985's Listen Like Thieves, and follow-up, 1990's X, were also multi-platinum smashes in the US INXS' magnetic frontman Michael Hutchence died in 1997 at the age of 37.

Murphy, who had also managed the group Models during the 1980s, was described as a master marketer.

In 1988, he launched independent label rooART, which was home to such acts as Crash Politics, The Hummingbirds, Ratcat, You Am I, Wendy Matthews and The Screaming Jets.

Following a 10-year hiatus, during which Murphy sold his music assets, he returned to the industry to build new companies. Petrol Electric Records was launched in 2001 (INXS signed with the label in 2008) and Murphy Rights Management in 2014.

Most recently, he had been developing a retirement community for musicians and music industry professionals in NSW.

Murphy is survived by his wife Caroline; children Stevey, Jeri, Jack, Louis and Charlie; and grandchildren Asher, Samantha, Bella, Axel, Harley and Reuben; his mother Janice; and sisters Charne and Tanya.

Australian Associated Press