The father to Penelope, her sister Monica Cruz, and brother Eduardo Cruz Jr. was only 62 years old.
His death was confirmed on Thursday by his current wife Carmen Moreno's brother.
Mr. Cruz married his second wife in 2014 after 12 years together. The couple resided in La Manga, Spain with their two-year-old daughter Salma, and managed a beauty salon together.
Penelope and her father were reportedly very close, with Mr. Cruz often attending his daughter's film premieres.
The father of four had apparently been having heart problems since 2004.
Our thoughts and prayers are with his family and loved ones.