"After a long and brave battle with cancer, our beloved Farrah has passed away," Farrah's longtime companion, Ryan O'Neal, said. "Although this is an extremely difficult time for her family and friends, we take comfort in the beautiful times that we shared with Farrah over the years and the knowledge that her life brought joy to so many people around the world."
The actress, best known for her role in the '70s TV show "Charlie's Angels" and her iconic hair, was in the hospital earlier this month and a source close to Farrah told at the time that she was not doing well.
While her condition was deteriorating, those closest to Farrah wanted to take her home for her final days.
Her death comes just days after O'Neal revealed he had asked Farrah to be his wife.
"If she's feeling a little better, I've asked her to marry me again and she's agreed," Ryan said in a new interview with Barbara Walters for ABC's "20/20," set to air June 26.
"We will as soon as she can say, 'Yes.' Maybe she can nod her head. I promise you, we will."
However, a source has confirmed to Access that Ryan and Farrah did not get married prior to her death.
Following her diagnosis with anal cancer in 2006, Farrah waged a very public battle against the disease, documenting her fight in "Farrah's Story," which aired in May on NBC and will re-air on June 26 at 8 PM. After several rounds of chemotherapy treatments, Farrah announced that she was cancer-free, but in May 2007, the cancer had returned and she underwent further treatment in Germany.
She became an icon for her role as Jill Munroe in "Charlie's Angels" in the mid-'70s, inspiring fans to imitate her feathered blonde hair. She rose to sex symbol status thanks in part to a now-legendary swimsuit poster that sold over 12 million copies.
Farrah is survived by her father James, longtime partner Ryan O'Neal, their son, Redmond O'Neal, who has dealt with numerous legal issues over the last few years, including most recently, an arrest for allegedly trying to bring heroin into an LA-area jail facility on April 5.