Schulberg was taken from his Long Island, New York home on Wednesday (05Aug09) to a local hospital, where he died after doctors failed to revive him.
The scribe was born in New York City in 1914, the son of Paramount Pictures boss B.P. Schulberg, and made a name for himself as a novelist in the 1940s.
He later went on to write screenplays for films including 1957's A Face In The Crowd, before penning his best-known work On The Waterfront, about mafia violence in New Jersey.
The 1954 drama received 12 Academy Award nominations, winning eight Oscars, including Best Picture, Best Actor for Marlon Brando and Best Story and Screenplay for Schulberg.
Schulberg is survived by his wife Betsy and four children.