"I am stunned and heartbroken," Will wrote on his official Facebook page. "I just spoke with him last night. Today, [my wife] Jada & I mourn with all of you the loss of a beautiful poet, a true inspiration, and one of the most magnificent artists to ever grace this earth."
Jada echoed her husband's statement, penning a beautiful tribute post to the late star on her own page.
"Prince was one of the first artists to put me on game in regard to the industry," it read. "He was not only a genius artist, he was kind, funny, beautifully eccentric, curious, imaginative, magical, spiritual, rebellious and extremely intelligent. He showed me early the power of living one's life by one's own rules and no one else's."
As ET previously reported, Carver County Sheriff Jim Olson told ET that Prince was found unresponsive in an elevator when officials responded to a call at the singer's Paisley Park Studios in Chanhassen, Minnesota, at 9:43 a.m on Thursday.
"When deputies and medical personnel arrived, they found an unresponsive adult male in the elevator," Olson said in a statement. "First responders attempted to provide lifesaving CPR, but were unable to revive the victim. He was pronounced deceased at 10:07 a.m. He has been identified as Prince Rogers Nelson of Chanhassen."
The Sheriff's Office is continuing to investigate the circumstances surrounding Prince's death with the assistance of the Hennepin County Sheriff's Office and the Midwest Medical Examiner's Office.