Family sources tell TMZ, Ron experienced a severe medical emergency Tuesday and died early Wednesday morning at Cedars-Sinai Medical Center in L.A. He was surrounded by his family.

Popeil created the famous Showtime Rotisserie & BBQ and coined one of the most iconic catch phrases ever -- "Set it and Forget it!!!" The product grossed more than $1 BILLION in domestic sales, shattering QVC and other sales records.

Ron was born in New York City in 1935. His first entry into business was with his dad at his manufacturing facility in Chicago, where they sold kitchen products. It obviously made an impression on him, because Ron learned and then perfected the art of kitchenry.

Ron created the famed Chop-O-Matic in 1959 and it sold like crazy -- 2 million units. He followed that up with the Veg-O-Matic and another great catchphrase ... "But wait, there's more!!!" And that one's become an infomercial industry standard ... reused by product after product.

Popeil also created the Rhinestone Stud Setter, which later became the Bedazzler. And, it doesn't end there ... he created Mr. Microphone and the Inside the Eggshell Egg Scrambler.

Popeil formed his own company -- Ronco -- in 1964 and marketed hundreds of products to global TV audiences.

He also made dozens of cameos in TV and film ... and was famously parodied by Dan Aykroyd on 'SNL' in 1976.

The last time we got Ron on camera was 2017, when he talked about the new fad, Fidget Spinners.

Ron amassed a fortune estimated at $200,000,000.

Ron had a collection of friends and they referred to themselves as "The Rontourage."

Ron is survived by his wife, Robin, 4 daughters and 4 grandchildren.

Ron was 86.