Chonsawat, who was former chief executive of the Samut Prakan Provincial Administrative Organisation, reportedly collapsed during race practice at Chang International Circuit in Buri Ram province on Thursday and was rushed to hospital.
Doctors at Buriram Hospital said he had suffered heatstroke.
He died while being treated in the ICU unit at the hospital.
The Asavahame family said they would transport his body back to Bangkok on Friday.
Chonsawat was also a former president of the Samut Prakan Chamber of Commerce and a prominent businessman in the province, engaged in the agriculture, fuel and property businesses.
He was a son of Wattana Asavahame, a 10-time Samut Prakan MP and former PM’s Office minister during the Suchinda Kraprayoon administration.
Chonsawat was constantly in the media spotlight.
He married Thai singer Nantida Kaewbuasai and the couple had one daughter together.
After divorcing Nantida in 2013, he married actress Janie Tienphosuwan. His second marriage ended in divorce a year later.
Chonsawat was frequently the subject of gossip over his relationships with famous actresses and models.
In 2015, he was jailed for fraud committed during the 1999 Samut Prakan council election. He was granted a Royal pardon and released in September 2016.