The West Australian government will not hold a state funeral for controversial business tycoon Alan Bond, who died on Friday aged 77.

Mr Bond never regained consciousness after open heart surgery at Fiona Stanley Hospital on Tuesday to replace a valve and repair two others.

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His first wife Eileen, who arrived in Perth on Saturday, said she was relieved to be back home with their grieving children.

“I’m feeling absolutely terrible but I’m very relieved to be back in Perth,” Eileen Bond told reporters at Perth Airport.

It is believed a funeral is planned for Mr Bond on Friday.

A government spokesman told AAP there were no plans to hold a state funeral.

The Royal Perth Yacht Club, where Mr Bond staged his 1987 defence of the America’s Cup, will mark his passing on Wednesday.