Sources told us exclusively that Michael passed away in his sleep after being unwell for some time.
Reports state that he died on Sunday.
"Michael Hammer has passed away after a long, hard fight with cancer and is now at peace," a rep for the family said in a statement.
The businessman, who served as VP for Occidental Petroleum, is survived by his wife, Misty, as well as sons Armie and Viktor.
Armie has been at the center of controversy after facing accusations of sex abuse and having an alleged cannibalism fetish.
Hammer was previously residing in the Cayman Islands, where he made ends meet by selling timeshares, due to the fallout from his scandal.
In July, an insider said he took the position "because he needs the money," adding, "His dad won't help him anymore and he's been cut off, so he got to work."
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The Social Network actor recently moved back to Los Angeles to live in a home owned by Robert Downey Jr.
He reemerged in L.A. just a few weeks ago amid news that American Express is suing him over a nearly $67K unpaid balance.
Hammer owned the joint account with estranged wife Elizabeth Chambers, according to the complaint.
Sources close to Hammer said the credit card lawsuit was a result of the divorce yet to be finalized, claiming the bill will be paid once the exes hash out an agreement.
Chambers filed for divorce in July 2020 following a decade of marriage, although insiders wonder if she will have a change of heart.
"The divorce seems to be on hold now," one pal spilled.
At the time of their split, the exes vowed to put their children first.
"Thirteen years as best friends, soulmates, partners and then parents. It has been an incredible journey, but together, we've decided to turn the page and move on from our marriage," their joint statements read. "As we enter into this next chapter, our children and relationship as co-parents and dear friends will remain our priority."