Ryan O'Neal is sued for Warhol of Farrah

ACTOR Ryan O'Neal and an American university are in dispute over the ownership of an Andy Warhol portrait of his late companion, Farrah Fawcett.

The board of regents of the University of Texas sued O'Neal in a Los Angeles court last week, asking the judge to order him to hand over the painting.

It is one of two Warhol painted of the former Charlie's Angels star. The university claims the actress bequeathed it to its campus in Austin, Texas.

O'Neal's spokesman Arnold Robinson blasted the lawsuit in a statement, saying the university has known for more than a year that the actor has the painting. "This is a ridiculous lawsuit," Robinson wrote.

"Ryan O'Neal's friendship with Andy Warhol began ten years prior to his meeting Farrah Fawcett. When Ryan introduced Andy to Farrah, Warhol chose to complete two portraits of her, one for Farrah and one for Ryan. He looks forward to being completely vindicated in the courts."

The lawsuit claims O'Neal, 70, may be holding other pieces from Fawcett's art collection that she wanted the university to have after her death from cancer in June 2009 at the age of 62. Fawcett attended the University of Texas in the 1960s.

Its lawsuit states: "The enduring value and public interest in the Warhol portraits is a testament not only to Warhol's talent and artistry, but also to Farrah. Fawcett's status as a cultural icon."

Warhol created the portraits in the 1980s and they were only publicly displayed once. The university wants O'Neal to purchase insurance for the painting and preserve it so that it can be turned over to it if the lawsuit succeeds. It also seeks damages from O'Neal, but states the portrait is priceless. "It is an irreplaceable piece of art for which legal damages could not fully compensate," its lawsuit argues.