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Former Chilean president Sebastian Pinera, a billionaire tycoon is dead.

Pinera, who served as the nation’s leader twice, passed away on Tuesday in a helicopter crash.

A statement from his office partly read, “It is with profound sadness that we announce the passing of the former president of the Republic of Chile.”

The statement added that the 74-year-old Pinera lost his life in the popular vacation destination of Lago Ranco, approximately 920 kilometers (570 miles) south of Santiago.

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