The musician "recently fell ill in what turned out to be spread cancer," read a message on his Facebook page.
The actor and singer was preparing the release of his first solo album.
The musician passed away following a "long battle with dementia," his wife wrote.
During his 50-year career, Jordan showcased his talents across New Orleans and collaborated with music legends like Ray Charles, Aretha Franklin and Stevie Wonder.
"We are truly devastated by the passing of our brother Paul," the other six members said in a statement.
“We were not expecting this,” reads a tribute, signed by the surviving members of Luscious Jackson.
"He found them in the raw," Ice-T says of artists signed by Stein. "Nowadays, you have to get a billion followers before a record label would even look at you."
He won an Oscar for his work in "The Last Emperor."
His former bandmate Brad Fischetti shared the news in an Instagram post.
"His lyrics were one of a kind and helped to shape the music created by the band," Procol Harum said in a statement.
