Update: 11:40 p.m.: Tom Petty "died peacefully surrounded by family, his bandmates, and friends," his management said in a statement to People Monday night.

Tom Petty, the legendary musician behind "Free Fallin," "American Girl," "Don't Do Me Like That," and "I Won't Back Down," was found unconscious and in full cardiac arrest on Sunday evening, before being rushed from his Malibu home to UCLA Santa Monica Hospital, TMZ reported. He is said to be on life support, though earlier reports prematurely announced his death at 66.

When Petty arrived at the hospital, he reportedly had no brain activity and was placed on life support, according to TMZ; though the outlet reports he was still clinging to life, he is not expected to live through the day. The sad news is all the more unexpected considering Petty just wrapped up his 40th anniversary tour with his band the Heartbreakers, which concluded with a show at the Hollywood Bowl last Monday, September 25. Ominously, Petty told Rolling Stone last year around the time that the tour with the Heartbreakers was announced that this would be his last one.

"I'm thinking it may be the last trip around the country," Petty said. "It's very likely we'll keep playing, but will we take on 50 shows in one tour? I don't think so. I'd be lying if I didn't say I was thinking this might be the last big one. We're all on the backside of our sixties. I have a granddaughter now I'd like to see as much as I can. I don't want to spend my life on the road. This tour will take me away for four months. With a little kid, that's a lot of time."

Petty, who is married to Dana York also has two daughters, Adria and Kimberly Violette with his ex-wife Jane Beyo, as well as a grandchild, is one of the icons of the modern rock era, not only a key figure of rock music but a bridge between the classic rock of the 1960s and the arena rock of the late '70s and '80s. The Americana and heartland-style artist was also early to embrace the music video era, perhaps most famously with 1985's Alice in Wonderland and Mad Hatter-inspired video for "Don't Come Around Here No More" from Tom Petty and the Heartbreaker's Southern Accents album.

Tom Petty (Photo by Richard E. Aaron/Redferns)

Richard E. Aaron

Eight years later, Petty and the Heartbreakers released another seminal music video for "Mary Jane's Last Dance," which starred Kim Basinger, and played an instrumental role in him later receiving MTV's Michael Jackson Video Vanguard Award in 1994. Petty's list of accolades also extends to the Grammy Awards as the recipient of three awards and 18 nominations throughout his career — though he controversially did not receive one for Sam Smith's breakthrough "Stay With Me," despite receiving a co-credit on the winning song. (It was heavily influenced by his 1989 song "I Won't Back Down.") This year he was also the recipient of the Recording Academy's MusiCares Person of the Year, which recognized not only his career achievements but also his service throughout, specifically all that he's done for the homeless population in Los Angeles.

Petty was also a big advocate for artists' rights over the years, especially in the past decade as he filed a termination notice with his label so he could gain access to his own music rights in 2011 and, most recently, won royalties for Smith's "Stay With Me."

Take a look at footage from Petty's last show ever at the Hollywood Bowl below.