A spokeswoman for Beaulieu Estate, in the New Forest, said Edward, 3rd Baron Montagu of Beaulieu, died "peacefully" after a short illness.
He is survived by his wife Fiona, his son and heir Ralph, daughter Mary and second son Jonathan.
The Hampshire estate and visitor attractions are to continue to operate as usual, the spokeswoman confirmed.
The estate hosts the National Motor Museum, Britain’s most significant collection of historic vehicles and Lord Montagu has played a highly significant role in the Historic Vehicle movement as both president of the Federation of Historic Vehicle Clubs and as a member of the All Party Parliamentary Historic Vehicle Group.
An estate funeral will be held at Beaulieu, followed by a memorial service at St Margaret's in Westminster "for his friends in London and further afield", she added.
The dates are yet to be confirmed.
Lord Montagu was one of the pioneers of the stately home industry and first opened his home to the public in 1952.
He also founded the National Motor Museum on the 7,000-acre (2,800-hectare) estate and was a leading authority on veteran and vintage cars, usually taking part in the London to Brighton run.
The directors of FBHVC extend their warmest condolences to the family and would like to record their deep gratitude for Lord Montagu’s tireless work over many years as their President.
For further information contact Geoff Lancaster, FBHVC communications director, on 07860 562659.