Armie Hammer's businessman father Michael dies aged 67

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Armie Hammer's oil baron father Michael Armand Hammer has died at the age of 67.

A representative for the family confirmed that the millionaire oil mogul passed away on Sunday after a long battle with cancer.

"Michael Hammer has passed away after a long, hard fight with cancer and is now at peace," the rep said in a statement obtained by People.

His death comes just months after his actor son Armie returned to Los Angeles from the Cayman Islands, where he was reportedly spotted selling timeshares at a resort in July.

Armie has not yet released his own statement about Michael's death.

According to TMZ, which broke the news, Michael was known for his involvement with his late grandfather's company Occidental Petroleum Corporation. He also oversaw the Hammer International Foundation, the Armand Hammer Foundation, Hammer Galleries, and Hammer Productions.

Prior to joining Occidental Petroleum in 1982, Michael worked at the Kidder, Peabody & Co. investment banking firm in New York.

Michael and his ex-wife Dru Ann Mobley share two children together - Armie, 36, and businessman Viktor Hammer, 34. Dru Ann and Michael were married from 1985 to 2012.