Wolfe's longtime agent Lynn Nesbit confirmed the writer's death to ABC News. "All the same, he was one of the most modest and kindest people I have ever met".
After studying at Washington and Lee University and Yale University, Wolfe began a 10-year-long newspaper reporting career.
Wolfe's other big-screen adaptation, the 1990 comedy The Bonfire of the Vanities, was based on his 1987 novel about amorality and excess in 1980s New York City.
Born in 1931, Wolfe studied at the Springfield Union in MA.
While the stories have no connecting theme, this is the first book that gave early examples of New Journalism. "The Electric Kool-Aid Acid Test", an account of his reportorial travels in California with Ken Kesey and his Merry Pranksters as they spread the gospel of LSD, remains a classic chronicle of the counterculture, "still the best account - fictional or non, in print or on film - of the genesis of the sixties hipster subculture", press critic Jack Shafer wrote in the Columbia Journalism Review on the book's 40th anniversary.
"I probably have given that impression in the past, but I didn't", he said.
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His first book, The Kandy-Kolored Tangerine-Flake Streamline Baby, was a collection of essays originally published in Esquire magazine.
The prolific author was known for both his fiction and nonfiction works. "He is irritating, but he did develop a new journalistic idiom that has brought relief from standard Middle-High Journalese".
The list went on with "Radical Chic and Mau-Mauing the Flak Catchers", in 1970, a highly controversial book about racial friction in the United States. The film version of "The Right Stuff", about the Mercury Seven astronauts, was directed by Philip Kaufman in 1983. Wolfe slammed both Charles Darwin and linguist Noam Chomsky in the book.
Wolfe applied this approach in classic works like The Electric Kool-Aid Acid Test where he observed Ken Kesey and his LSD-imbibing Merry Pranksters in the early days of the psychedelic era, and The Right Stuff, a chronicle of the early days of the US space program.
"My co-writer was a different Tom Wolfe, of course", Nutter told TheWrap via email. He was 87 years old.
Wolfe is survived by his wife Sheila, and two children, Alexandra and Tommy.