According to the cookie king's children, Wally passed away in his home in Honolulu, Hawaii on Tuesday after suffering from complications from dementia.

Wally became a prominent name in the food world after he turned a $25K loan into the Famous Amos Cookies empire. WA shook up the baked goods game by using a recipe from his aunt, which included real ingredients -- no added chemicals or coloring.

He initially launched a single flagship store in Los Angeles, before growing his brand to include packaged products that are widely sold in grocery stores and vending machines.

Wally made a point to be the face of the brand, as he often hit the road to promote his delicious sweets. However, he struggled financially with the company's rapid growth, and sold his stakes in the business to the Shansby Group in 1988 for $3 million.

Wally remained a household name, however ... and made his way into mainstream media. He even appeared in sitcoms like "The Jeffersons," "Taxi" and "The Office."

He was 88 years old.