The actor breathed his last on Friday, his representative told The Hollywood Reporter.
His two sons Nathan and Griffith Furst announced the news on the actor's Facebook page, paying tribute to their "brilliant and prolific actor and filmmaker" father.
"Steve has a long list of earthly accomplishments," his sons said in the post.
"He was known to the world as an brilliant and prolific actor and filmmaker, but to his family and many dear friends he was also a beloved husband, father and kind friend whose memory will always be a blessing."
After his breakout role of Kent "Flounder" Dorfman in 1978's "Animal House", he had several guest appearances on TV shows such as "Newhart", "CHiPS" and "The Jeffersons" until he landed the role on "St. Elsewhere", which aired from 1982- 1988.
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