AP

Thomas Boone Pickens IV, the 21-year-old grandson of the Texas oil tycoon T. Boone Pickens, died Tuesday after being rushed to a Texas hospital, a family spokesman said.

Jay Rosser, vice president of public affairs for BP Capital and a spokesman for the Pickens family, confirmed the death to ABCNews.com.

"Ty's loss at such a young age is an unspeakable family tragedy for the entire Pickens family and his many friends," Rosser's prepared statement said. "We mourn his passing and respectfully request that the family be allowed to grieve in private in this time of sorrow."

Police in Fort Worth, Texas, responded to a call of a deceased person a few miles from the campus of Texas Christian University, where Pickens IV was a junior, at mid-morning Tuesday, ABC affiliate WFAA reported. Pickens was rushed to the hospital at that point by a friend, neighbors at the apartment complex where police arrived told WFAA.

The medical examiner has yet to announce cause of death.

Texas Christian University released a statement acknowledging Pickens' death on Tuesday.

"We are deeply saddened by the loss of this member of our community, and our hearts and thoughts are with Ty's family at this time," TCU Vice Chancellor for Student Affairs Kathy Cavins-Tull said.

Cavins-Tull said that staff members will be available if students need to speak with someone about the news.

T. Boone Pickens founded Mesa Petroleum in 1956, and made a fortune throughout the 1980s in oil drilling and with high-profile deal making. He now chairs the hedge fund BP Capital Management, and is listed as the 360 th richest person in America by Forbes magazine.