The cause of the death was not known at the time of publication, the Star reported.
Derek Woods, 53, was shot three times in his upper and lower body on Thursday afternoon, Constable Ndivhuwo Mulamu said at the time.
“It is suspected that the man was followed from FNB bank in Randburg,” she said.
The man arrived at De La Salle Holy Cross College junior school at 1.50pm to fetch his children.
“A white VW Golf GTI with tinted windows parked behind him,” Mulamu said.
Two men got out of their car, opened the door on the passenger side of the man’s car and tried to grab a bag containing R40,000. The robbers and the man wrestled for the bag and the man was shot.
The thieves fled the scene with the money. The wounded man was taken to Milpark Hospital. Mulamu said police had reliable witnesses who could identify the robbers and their vehicle’s registration number.
Pupils in the school did not witness the robbery as they were still in classes.