Alana Stewart at the New York Premiere of 'The Pink Panther 2' at the Ziegfeld Theater. New York City, USA - 03.02.09

Redmond O'Neal made the shocking claim in court last week (ends17Apr09) during a hearing stemming from drug charges against him, but Stewart insists the 24 year old is mistaken.

She tells People.com, "Farrah is not 86 pounds. Redmond is young and overreacted a little. Farrah has lost weight, but not that much."

And the former wife of Rod Stewart has revealed Fawcett is planning to pay back O'Neal's father - her ex Ryan - for all his support by hosting a 68th birthday party for the actor on Monday night (20Apr09).

Stewart adds, "Ryan has really been there for Farrah in such a wonderful way."

The socialite also insists her cancer-stricken pal is on the path to recovery following a hospital stay at the beginning of the month (Apr09).

She explains, "I just saw her... She had colour in her face and was talking and laughing."

Fawcett was admitted to a Los Angeles hospital for internal bleeding not directly related to her cancer.

Source: WENN