Walters was diagnosed with cancer in 2012. He underwent chemotherapy and radiation treatment, but the cancer eventually spread to his lungs. He died at his home in Los Angeles, surrounded by his family.
Walters is best known for his role as Detective Theo Kojak in the 1973-1978 television series "Kojak." He also starred in the films "The Last American Hero" (1973), "The Taking of Pelham One Two Three" (1974), and "The Warriors" (1979).
In addition to his acting career, Walters was also a successful businessman. He owned several restaurants and nightclubs in Los Angeles. He was also a partner in the production company that produced the film "The Warriors."
Walters is survived by his wife, Lisa, and their two children.