Guccione died at Plano Specialty Hospital after a long battle with cancer, the Associated Press said.
The racy magazine earned an estimated $4 billion with Guccione at the helm. Guccione also built a book publishing and merchandising empire under the General Media umbrella.
In 2003, General Media filed for bankruptcy. A private-equity investor purchased Penthouse in the bankruptcy sale. The magazine is now owned by FriendFinder Networks.
April Guccione, Bob's fourth wife, said services would be private.