Yet the University if Texas claims ownership of the art, suing O'Neal in Federal Court in Los Angeles, demanding a judge order the “Love Story” star to hand over the painting.
The painting is one of two that the pop artist created of the "Charlie's Angels" beauty which the university claims Farrah bequeathed to them in her will.
As The ENQUIRER reported previously Farrah left nothing to her longtime lover in her will.
O'Neal's spokesman blasted the filing, saying, "This is acompletely ridiculous lawsuit. Ryan O'Neal's friendship with Andy Warhol began 10 years prior to his meeting Farrah Fawcett.
“When Ryan introduced Andy to Farrah, Mr. Warhol chose to complete two portraits of her, one for Ms. Fawcett and one for Mr. O'Neal.
“Mr. O'Neal looks forward to being completely vindicated in the courts."
The lawsuit claims O'Neal is hoarding other pieces from Farrah's art collection that she willed to the university after her June, 2009 death.
Farrah attended the University of Texas at Austin during the 1960s, the complaint states.
"The enduring value and public interest in the Warhol portraits is a testament not only to Mr. Warhol's talent and artistry, but also to Ms. Fawcett's status as a cultural icon," the lawsuit states.
Warhol (or his Factory employees signing his name) created the portraits in the 1980s and were only publicly displayed once.
"The Warhol portrait is an irreplaceable piece of art for which legal damages could not fully compensate," the lawsuit states.