Elizabeth Taylor passed away peacefully after suffering from congestive heart failure on Wednesday (Elizabeth Taylor/Facebook)

Taylor was admitted to Cedars-Sinai Hospital in Los Angeles six weeks ago. Her publicist Sally Morrison released a statement to CNN saying Taylor died "peacefully today in Cedars-Sinai Hospital."

Taylor was hospitalized with congestive heart failure, "a condition with which she had struggled for many years. Though she had recently suffered a number of complications, her condition had stabilized and it was hoped that she would be able to return home. Sadly, this was not to be."

The actress is best known for her Oscar-winning performances in "Butterfield 8" and "Who's Afraid Of Virigina Woolf?" but she has become an icon in Hollywood for her stunning beauty, colorful private life with eight marriages, and her vast philanthropic work, most notably in the fight against AIDS. 

She is survived by her four children, ten grandchildren and four great-grandchildren.

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