His death shocked the nation and became one of London’s most high-profile killings.
After three crown court trials, his killers – brothers Ricky and Danny Preddie – were jailed in 2006.
Richard set up the Damilola Taylor Trust to campaign against knife crime after his son was murdered.
A statement issued on behalf of his family said: “It is with a heavy heart that the family announce the death of our beloved father, grandfather and uncle, Mr Richard Adeyemi Taylor OBE, who sadly passed away in the early hours of Saturday March 23 at Queen Elizabeth Hospital, Woolwich, after a prolonged battle with prostate cancer.”
Richard, a former Nigerian civil servant, was awarded an OBE in 2012 for his crusade against violent crime. His wife died in 2008 after suffering a heart attack.