The actor, who is currently battling prostate cancer, said that while his parenting skills were not the best, he feels that his now adult children must take responsibility for their own actions.
While appearing on the Today show on Tuesday, O'Neal was questioned by Matt Lauer on whether he feels as though he did a bad job raising his kids, to which he responded: "Looks like it, doesn't it? Sure looks like it. I suppose I was [a bad father].
"I wasn't trained. [But] these are not children, anymore. Griffin is 45, Tatum is 49. Who's the other one? Oh yeah. Redmond is 27. At some point they have to take hold of their own existences."
O'Neal also discussed his close "bond" with his late partner Farrah Fawcett, adding: "I don't think we were bad for each other because we had a rhythm that worked - generally - smoothly. But I'm hard to live with. She got tired of that, I'm sure."
Griffin O'Neal was recently sentenced to 16 months in prison for a DUI, while Redmond O'Neal was arrested again in September 2011 for using drugs while in rehab.