Published Saturday, 27 October 2012
Officials at the University of Texas claim the silkscreen, which is valued at around £18.75m, is rightfully theirs after the Charlie's Angels star reportedly left her entire art collection to the institution following her death in 2009.
The piece is one of two Fawcett portraits by Warhol - one is hanging in the university's gallery, while O'Neal claims the disputed picture was given to him by the artist, who was a close friend.
University officials filed suit against the star and the case went to court in Los Angeles this week.
On Wednesday, Superior Court judge Maureen Duff-Lewis rejected O'Neal's motion to dismiss and she ordered the case to go to trial next month, according to Celebuzz.com.