Police confirmed that Searls's life support was turned off this morning after spending five days in a coma in a Gold Coast hospital.
Searls, 23, was put in a coma after he attempted to dive from the first floor of Billy’s Beach House into the pool.
He missed the pool and landed on the cement, causing critical head and back injuries.
The daredevil sportsman was celebrating after breaking a world record on Friday by performing a series of massive BMX jumps.
Sponsor Paul Everest said Searls was celebrating the record-breaking feat when he jumped off the balcony.
Tributes started to pour in on social networking sites this morning, with the tight knit BMX community devastated.
"Dane. The ballsiest rider going around. Bmx will never be the same without you. R.I.P." one post said.
"RIP Dane Searls, another one of the greatest taken too young, u will be missed mate."
"RIP Dane Searls such an awesome rider, thoughts out to his family and friends,'' another said.
"I've never met the guy but have been inspired by his videos and dedication... BMX lost a great rider.''
Dane Searls profile on his sponsors site UNITNickname: Chinga or Searlsy
Age/DOB: 23years old, 22/02/88
Hometown/Location Now: Umina, Australia.
First Time On A Bike: Back in the day, can’t remember
Years Riding: 8 years flat out
Riding Style: loose
Influences: My friends
Number Of Broken Bones: About 10
Favourite Places to Ride: Trails and overseas
Drives: Nothing at the moment
Music: Hardcore and rap
Your Rules To Live By: Do what ever feels right
Typical Day: Eat, surf or ride, eat again, chill, ride and kick it with the crew
Sponsors: Unit, Osiris shoes, Backbone BMX, Lav’s lab
Wins/Accomplishments: Travelling the world, riding my bike
Spare Time: Skate, body board, dirt bikes, what ever we decide to do, I alway try to stay active