Cara died in her Florida home of an undisclosed cause.
Her publicist confirmed her death to Eyewitness News.
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"It is with profound sadness that on behalf of her family I announce the passing of Irene Cara," publicist Judith A. Moose wrote.
Cara was trained in music, dance and acting as a child and appeared on stage and on television, including appearances on PBS and on Johnny Carson's "The Tonight Show," at a young age in the 1970s.
But she rocketed to fame when she was cast in the 1980 musical "Fame." She was initially cast as a dancer but then had the role of Coco Hernandez written for her and she sang the title track.
She was nominated for two Grammys after "Fame," for Best New Artist and Best Female Pop Vocal Artist.
She then won a Grammy and an Academy Award in 1984 with the title track to "Flashdance," the film starring Jennifer Beals as an aspiring dancer.
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She continued on with her dual career in acting and music, appearing in films such as "D.C. Cab" and "City Heat" and various television shows. She also performed in live theater and musicals.
"Irene's family has requested privacy as they process their grief," Moose wrote. "She was a beautifully gifted soul whose legacy will live forever through her music and films."