The New York City Police Department confirmed to "The Insider With Yahoo" that the actor was found dead at 12 p.m. ET in his fourth floor apartment in the West Village of New York City.
While the official cause of death is still unknown at this point, police speculate that he may have died of a drug overdose. The actor was found with a needle in his arm and apparent heroin was found at the scene. Playwright David Katz is believed to have made the initial discovery.
The New York Medical Examiner confirms that an autopsy of the remains will be conducted on Monday.
Hoffman's family released a statement regarding his death:
"We are devastated by the loss of our beloved Phil and appreciate the outpouring of love and support we have received from everyone. This is a tragic and sudden loss and we ask that you respect our privacy during this time of grieving. Please keep Phil in your thoughts and prayers." The family will not be making any further statements at this time.
[Related: Celebrities React to Philip Seymour Hoffman's Death]
Hoffman struggled with a heroin addiction and had checked into rehab in May 2013.
In a 2006 interview with CBS' "60 Minutes," Hoffman discussed his earlier drug use dating back to the time after his graduation from New York University's drama school.
"It was all that [drugs and alcohol], yeah, it was anything I could get my hands on... I liked it all," Hoffman said. Eventually, he chose to seek treatment. "I went [to rehab], I got sober when I was 22 years old. You get panicked... and I got panicked for my life. It really was just that."
He also revealed that his drug habit was life-threatening. "I have so much empathy for these young actors that are 19 and all of a sudden they're beautiful and famous and rich. I'm like, 'Oh my God. I'd be dead.' You know what I mean? I'd be 19, beautiful, famous and rich. That would be it. I think back at that time. I think if I had the money, that kind of money and stuff. So, yeah [I would have died]."
[Related: 'Hunger Games' Release Dates Won't Be Affected by Philip Seymour Hoffman Loss]
Bizarrely, Hoffman was the victim of a death hoax earlier this week. However, at the time, his rep confirmed that he was alive and well.
Hoffman won an Academy Award for Best Actor for his work in the 2005 film, "Capote." He's has been nominated for Oscars for his performances in "The Master," "Doubt," and "Charlie Wilson's War." The longtime thespian will also be remembered for a number of smaller films, including "Magnolia," "Synecdoche, New York, and "The Talented Mr. Ripley," as well as his breakout in "Twister" and his most recent turn as Plutarch Heavensbee in "The Hunger Games: Catching Fire."
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