Former Major League Baseball pitcher Roy Halladay died Tuesday at the age of 40 after his plane crashed in the Gulf of Mexico. The two-time Cy Young Award winner spent his baseball career with the Philadelphia Phillies and Toronto Blue Jays.

With a former annual salary of $20 million, Halladay was worth about $50 million at the time of his death, according to celebrity net worth website The Richest. Halladay also had endorsements during his career worth some $500,000, Forbes reported.

Halladay was first drafted by the Toronto Blue Jays in the 1995 amateur draft as the 17th pick. He was traded to the Philadelphia Phillies in 2009. The pitcher won two Cy Young Awards in 2003 and 2010 and was named an All-Star eight times.

"We are numb over the very tragic news about Roy Halladay's untimely death," the Phillies said in a Tuesday statement. "There are no words to describe the sadness that the entire Phillies family is feeling over the loss of one of the most respected human beings to ever play the game. It is with the heaviest of hearts that we pass along our condolences to Brandy, Ryan and Braden." 

Halladay's small plane crashed in the Gulf of Mexico north of Bailey's Bluff, the Pasco County Sheriff's Office in Florida confirmed. A rescue team found it upside down and tangled in mangroves in a shallow part of the water, the Tampa Bay Times reported. Halladay was apparently the only one inside the plane. 

The Federal Aviation Administration said it was investigating the situation and would determine the probable cause of the accident.

Roy Halladay pitching Former Phillies pitcher Roy Halladay died Tuesday at the age of 40. Photo: Getty Images