BREAKING: Hollywood Icon Peter Fonda Has Died at 79

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Oscar-nominated actor Peter Fonda has died at 79. 

In an exclusive statement to PEOPLE, Fonda's family confirmed that the actor died after suffering respiratory failure due to lung cancer.

RIP Peter Fonda ... Here's a 2017 NY Post interview with him on thriving in the 'circus' of Hollywood https://t.co/KybHlme11Y via @nypost

— Eric Hegedüs (@erichegedus) August 16, 2019

Son of Hollywood royalty, Peter is Jane Fonda's brother and the son of iconic actor Henry Fonda, Peter is best known for his role as an actor, co-writer, and producer in the 1969 classic, "Easy Rider." 

“[Peter> passed away peacefully on Friday morning, August 16 at 11:05 am at his home in Los Angeles surrounded by family,” Fonda's family said in a statement. “The official cause of death was respiratory failure due to lung cancer.”

Flowers will be placed on the Walk of Fame star of Peter Fonda today at 4:30 p.m. The star is located at 7018 Hollywood Boulevard adjacent to the Hollywood Roosevelt Hotel.

Peter Fonda was honored with his Walk of Fame star on October 22, 2003.

“In one of the saddest moments of our lives, we are not able to find the appropriate words to express the pain in our hearts. As we grieve, we ask that you respect our privacy,” they wrote.

“And, while we mourn the loss of this sweet and gracious man, we also wish for all to celebrate his indomitable spirit and love of life,” the Fonda family finished. “In honor of Peter, please raise a glass to freedom.”

He won a Golden Globe in 2000 for "The Passion of Ayn Rand."

Fonda leaves behind his wife Margaret DeVogelere and his children Bridget and Justin.