The university filed a lawsuit Friday in Los Angeles over the Andy Warhol silkscreen -- one of two made by the famous artist in 1980 -- which it claims belongs to the school as part of the artwork Fawcett bequeathed to her alma mater when she died in 2009 at the age of 62.
One of the silkscreens hangs in the university's Blanton Museum of Art.
O'Neal claims the other Warhol silkscreen was "given to him by Farrah" and, therefore, he owns it outright. It was seen last month over O'Neal's bed in an episode of his OWN reality series, "Ryan and Tatum: The O'Neals."
The university claims that O'Neal is keeping the other Warhol portrait improperly -- and may have more pieces of Fawcett's artwork that belong to the school.