SYDNEY, Aug. 31 (Xinhua) -- Twelve-time Melbourne Cup winning trainer and legend of Australia's horse industry Bart Cummings passed away on Sunday at his farm in Sydney's northwest, aged 87.

Local media reported on Monday that Cummings' family has accepted an offer of a state funeral from the New South Wales state government, where it is expected to be held next Monday at St. Mary's Cathedral in Sydney.

Cummings passed away peacefully in his sleep in the early hours on Sunday morning, surrounded by family and his wife of 61 years, Valmae, the family said in a statement on Sunday.

Cummings had been in ill health, rarely venturing from his homestead in recent years.

The legendary horse trainer and the late CS Hayes were inaugural inductees to the Australian Racing Hall of Fame in 2001.

Along with 12 Melbourne Cup wins, Australia's most prestigious horse race, colloquially known as the race that stops the nation, Cummings also trained 256 Group One winners.

Racing NSW chief Peter V'landys told Australia's national broadcaster Cummings' death has left Australia's racing community in shock

"I personally knew Bart and he was a great man and we've lost a real nice person," V'landys said.

Legendary Australian racehorse trainer Gai Waterhouse said Cummings was a true icon of the industry and "it is with great sadness that we hear of his departure."