A statement from the Isle of Man Constabulary said that the coroner found that Stuart died of natural causes.
"Mr Baggs had suffered from asthma for many years and died as a result of his condition," it read.
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Stuart Baggs, 27, was best known for his amusing one-liners including "Everything I touch turns to sold"
Stuart was discovered at his home in Douglas on the Isle of Man last week and at the time, police said that the businessman's death was "sudden and unexpected" but that there was nothing "to indicate that his death is criminally suspicious".
A post-mortem initially found the cause of death to be "undetermined".
Stuart had lived on the Isle of Man for most of his life, but was born in Plymouth. He ran a telecommunications company, Bluewave Communications, which he set up in 2007 and just a couple of days before his death he had tweeted about the launch of his latest product, a home hub.
"Making headlines with our new 4G LTE home broadband network," he proudly wrote.
The news came as a shock to several fans of The Apprentice and Lord Alan Sugar himself, who expressed his sadness on Twitter. The 68-year-old business magnate wrote: "Terrible news Stuart Baggs has died. My sincere condolences to his family and friends RIP one of the stand out characters of The Apprentice."
While he did not win the show, the promising candidate reached the semi-final of the 2010 series. At 21 years old, he was the youngest ever contestant to appear on the BBC show and said that he started his business career in the playground, selling yo-yos.
Stuart soon proved one of the most memorable characters for his amusing one-liners, including: "I'm Stuart Baggs the brand," and "Everything I touch turns to sold."