University lawyers attempted to discredit O'Neal's ownership claims with footage from Fawcett's reality show and a "20/20" television segment documenting the creation of the portraits.
O'Neal wasn't seen in the footage, and a producer didn't recall seeing the "Love Story" star at Warhol's studio. But she also acknowledged no knowledge of who owned the artwork or how it was delivered.
The case featured testimony from O'Neal and several of Fawcett's close friends, who testified the actress told them that one of the portraits belonged to O'Neal.
Jaclyn Smith, who co-starred with Fawcett in "Charlie's Angels," took the stand in support of O'Neal and afterward told TODAY, "I really feel Farrah would want that portrait with Ryan."
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Two late-disclosed witnesses, Fawcett's chiropractor and a former nurse's assistant, also backed O'Neal's claims.
The university showed jurors footage from Fawcett's reality show in which she told the owner of an auction house that she had two Warhol portraits and was considering whether to sell one. O'Neal's lawyers noted that Fawcett never said on camera that she owned both pieces of art.
The school also showed the panel documents that Fawcett signed loaning the portraits to The Andy Warhol Museum in which she is described as the owner and artist.
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University attorney David Beck urged jurors to give the school the portrait in accordance with Fawcett's wishes.
"You've seen Farrah. You've heard from Farrah," Beck said Monday in closing arguments. "Please, please, speak for her."
The portrait has been a cherished possession for O'Neal, who told jurors it is one of strongest reminders of his nearly three-decade romance with Fawcett.
"I talk to it," O'Neal testified last week. "I talk to her. It's her presence. Her presence in my life. In her son's life."
Her son with O'Neal, Redmond, was on hand and after the verdict told TODAY, "I know she had something to do with this up there."
Jurors heard widely varying estimates of the portrait's value, ranging from $800,000 to $12 million.
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—By The Associated Press. Additional reporting by TODAY.