Colley was found dead in the laundry room of the family's 300-acre estate on Titicus Road. She died from a blow to the head, police said.
There were no signs of forced entry into the estate known as Windswept Farm. The only item reported missing from the home was a small fire extinguisher and there was evidence of foamy residue around the body., according to a report by The New York Times.
Colley's husband, Eugene, owns the Croton Falls-based Colley Group, which runs more than 100 McDonald's franchises.
A private funeral service for Lois Colley is scheduled for Friday. A wake will be held Thursday afternoon.
Anyone with information involving the case should call the New York State Crime Stoppers hotline number is 1-866-313-TIPS.
New York Crime Stoppers said it is acting as a resource for the New York State Police Troop K.
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