The portrait is one of two nearly identical paintings of the "Charlie's Angels" star back in 1980. One of the paintings currently is on display at the University of Texas Blanton Museum of Art. A second one, O'Neal says, is hanging over his bed at his Malibu home.
O'Neal took the stand Monday and was grilled by attorneys for the University of Texas. School officials say Fawcett bequeathed all her artwork to the school, including the portrait O'Neal has held onto.
O'Neal testified Monday that he took the portrait from Fawcett's condominium about a week after she died, but says the second Warhol painting was always his.
O'Neal says he did Warhol a favor by convincing Fawcett to pose back in 1980, and that in return, Warhol painted the second portrait for O'Neal.
A TV producer testified Monday that he overheard Fawcett talking to O'Neal on a speaker phone at her home, and that O'Neal asked for one of the Warhols should she die. The producer says Fawcett shrugged it off and told O'Neal to get some old "Charlie's Angels" memorabilia.
O'Neal told the court he was not planning to sell the portrait, and that it would be passed on to Redmond O'Neal, the couple's only child together.
Another Warhol art piece scribbled on a napkin has both Fawcett's and O'Neal's names on it, but is currently in the possession of the University of Texas. O'Neal is counter-suing for the piece.
O'Neal and Fawcett were never married, but lived together from 1980 through 1998. On the stand Monday, O'Neal said they broke up at that point when Fawcett found him in bed with a 25-year-old woman.
O'Neal says he and Fawcett moved back in together in 2001 when he was diagnosed with cancer and stayed a couple until she died from cancer in 2009.