Victoria Siegel, 18, was found unresponsive by sheriff's deputies at the Seagull Island mansion on Green Island Cove just after 2 p.m. on Saturday.
Victoria - the second eldest of the couple's eight children - was taken to a nearby hospital where she was later pronounced dead.
Investigators are working with the medical examiner to determine cause and manner of death, but ClickOrlando is reporting that she died of a drug overdose.
'The victim's father has informed investigators that he will be making a statement in the coming days regarding the death of his daughter, and is requesting privacy at this time,' said Orange County Sheriff spokesman Jeff Williamson.
David Siegel, 80, is the billionaire founder of the timeshare company Westgate Resorts.
He and his wife Victoria gained fame and notoriety after the 2012 release of the documentary Queen Of Versailles which followed their attempts to build the self-proclaimed 'largest home in America'.
They started the project in 2004 but it was stalled after David's business was hit by the failing economy.
However construction is back on and the site is expected to be complete by 2016.
It has been valued from anywhere between $65 million to $75 million.
Siegels employ 30 people including a driver, cook, house manager and a hair & make-up person.
The couple recently appeared on ABC's Celebrity Wife Swap, during which they admitted they don't spend much time with their kids and that their large staff does a lot of the work.
Jackie Siegel, 49, swapped her luxurious life in sunny Florida for a ranch in Oklahoma City on Celebrity Wife Swap and moved in with former Party Of Five star Jeremy London, 42.
On arriving at the ranch, Jackie revealed to the Mallrats actor that she is 'scared of babies' and not sure what to do with an infant - having never had to care for her own alone.
Meanwhile London's wife requested that David spend more quality time with his children and arranged a camping trip so the Westgate Resorts businessman could focus less on material possessions.
When construction on the project stalled in 2010, the Siegels put the home on the market for $100million finished or for $75million unfinished. Surprisingly, it didn't sell despite a $10million price cut.
They eventually took the house back off the market in 2012, after a resurgence of business.
The unfinished home sits on 10 acres of lakefront property and when completed will feature 11 kitchens, 30 bathrooms, 20-car garage, two-lane bowling alley, indoor rollerskating rink, three indoor pools, two outdoor pools, video arcade, ballroom, two-story movie theater modeled on the Paris Opera House, fitness center with 10,000-square-foot spa, yoga studios, 20,000-bottle wine cellar and an exotic fish aquarium. Two tennis courts, a baseball diamond and formal garden will be included on the grounds.
The couple admitted that some of their plans for the house - such as children's playrooms - will have to be modified now that their kids are older.
However, they are determined to see the project through.
'I'm not at the ending to my story yet, but so far, it's a happy ending, and I'm really looking forward to starting the next chapter of my life and moving into my palace, finishing it and throwing lots of parties - anxious for the world to see it,' Mrs Siegel has said.
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