After celebrating his birthday on Saturday, Smith's son, Alex, told the AP that his father died in his sleep.
A graduate of New York University, Smith also served in the Army during World War II. He then returned home, later forming Kaye-Smith Enterprises, a company that ran radio stations across the country.
It was with his business partner, entertainer Danny Kaye, and several others that he bought the Mariners in 1977.
Quinn Roberts is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.