Schell's agent Patricia Baumbauer said Saturday that Schell died overnight at a hospital in Innsbruck following a "sudden and serious illness," the Austria Press Agency reported.
The Vienna-born Schell won his Oscar in 1961 and later was honored with further Oscar nominations - in the best actor category for "The Man in the Glass Booth" in 1975, and for best supporting actor in "Julia" in 1977.
Born to a Swiss writer and an Austrian actress, he was the younger brother of Maria Schell, an icon of the German-speaking film world, who died in 2005.