The 77-year-old, from Bullsbrook just north of Perth, died of his injuries on Friday afternoon after the four-wheel-drive vehicle he was driving rolled near his home.
Police say it is not known why the vehicle rolled and have appealed for the driver of a white Ford Fairmont seen in the area at the time to come forward.
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Mr Parry's Kookaburra III yacht beat Alan Bond's Australia IV to gain the right to defend the America's Cup for Australia, a $20 million defence that ended in failure off Fremantle in 1987.
He made most of his money in the furniture and department store business but lost his Parry Corporation in the aftermath of the 1987 stock market crash.
