The multi-millionaire businessman, 62, fell into the River Wharfe while inspecting the grounds of his North Yorkshire estate on a rugged country version of the Segway.
The Segway is a motorised scooter which use gyroscopes to remain upright and is controlled by the direction in which the rider leans.
A passer-by found Heselden alongside his Segway in the Boston Spa area at about 11.40am on Sunday.
A spokesman for West Yorkshire Police said today: “Police were called at 11.40am yesterday to reports of a man in the River Wharfe, apparently having fallen from the cliffs above.
“A Segway-style vehicle was recovered. He was pronounced dead at the scene.
“At this time we do not believe the death to be suspicious.”
Heselden was worth £166m and ranked 395th on the Sunday Times Rich List.
The former miner made his millions from defence contracts. He created a unique portable wire cage water containment system which when filled with earth and sand proved a major defence against bullets, missiles and suicide attacks.
His founded his first company HESCO Bastions with his redundancy pay when he was laid off from the mines.
The wire cage systems developed by Bastions have become standard military equipment for Nato as well as American and British forces.
The Segway operation was acquired by a UK based company backed by Heselden.
How ironic is it that he died driving one of his company’s products?