The cause of the former wrestler's death was not reported, but his girlfriend discovered his body Friday in her Plano, Texas, home.
Police launched a homicide investigation, but said they were doing so in order to follow standard operation procedures, TMZ reported. Early indications are that his death was accidental.
Osborne made a name for himself in the 1990s as a wrestler who played tricks on his fellow wrestlers while decked out in clown paint and clothes.
After leaving the WWE, he wrestled for ECW and other independent leagues.