According to reports, she went into cardiac arrest during a skiing holiday with her family in Austria.
It is not yet clear what caused the heart attack, her family have said that tests are ongoing to determine the cause.
Lotte who had embarked on a promising worldwide career in modeling since winning Miss Teen Universe, had complained of feeling unwell when she woke up the day before her birthday.
Speaking to a Dutch newspaper, Bert van der Zee and Eugenie van het Hul, said that their daughter went out with friends, but had returned home "cheerfully and without health complaints".
Their post read: "Our pearl, our everything passed away on Wednesday evening March 6th at 22:47".
They wrote: "It is incredibly surreal that our dearly beloved Lotte is not around us anymore".
The Dutch model was crowned Miss Teen Netherlands in 2016, and in 2017 at the age of 18, she won the title of Miss Teenager Universe.
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It was her parents who broke the sad news of her passing on Instagram.
Our hearts continue to go out to Lotte's family and friends during this hard time. Born on February 21, 1999, the model had been vacationing with her family in Austria when she started to feel unwell before her cardiac arrest.
She was taken to the hospital, where she was placed in a medically induced coma.
"Dear friends, with the utmost sorrow we want to inform you about the reason behind Lotte's public absence in recent days. A feeling that escalated quickly in sudden cardiac arrest", they wrote.
The parents also thanked her followers for their "love and positivity" during the times "when she needs it most".
However, they noticed Lotte looked sick in the morning when she didn't show up for breakfast.