His earnings were bolstered in 2015 when he sold a Hollywood Hills home at a US$2.3m ($3.8m) profit.
McMahon leaves behind Paniagua and daughter Madison, whom he shares with ex-wife, Brooke Burns.
Last Friday, his widow told Deadline in a statement that the actor died on Thursday in Clearwater, Florida, after a private battle with cancer.
“With an open heart, I wish to share with the world that my beloved husband, Julian McMahon, died peacefully this week after a valiant effort to overcome cancer,” she said.
“Julian loved life. He loved his family. He loved his friends. He loved his work, and he loved his fans. His deepest wish was to bring joy into as many lives as possible. We ask for support during this time to allow our family to grieve in privacy. And we wish for all of those to whom Julian brought joy, to continue to find joy in life. We are grateful for the memories.”
McMahon’s acting career began in 1989, with a role on the short-lived Australian soap opera The Power, The Passion before landing a stint on Home and Away. The actor then made the move to the US where he achieved success on various TV shows.
Most recently, he starred in The Surfer, which was filmed in Australia and co-starred Nicolas Cage.
The Aussie star’s last role came earlier this year in Netflix’s White House mystery drama The Residence.
