Elizabeth Taylor Trust Sues Christie's Over Jewelry Sale

  • February 26, 2015 23:57

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Elizabeth Taylor

The estate of a Hollywood legend and Christie's auction house in a legal tangle over a $8.8 million sale that was caanceled.

Actress Elizabeth Taylor’s Taj Mahal necklace (a 40th birthday gift from Richard Burton) was part of the $183.5 million auction of her jewels in 2011 auction.  But the buyer of the piece would not pay, citing issues with royal provenance, and Christie's had already pre-paid the trust.

Christie’s is seeking a return of the funds. The trust claims ina lawsuit that the auctioneer is withholding millions in proceeds from another piece until the pre-payment for Taj Mahal necklace is returned.

The auction house issued a statement: “Christie’s was pleased to create a landmark auction event on behalf of the Elizabeth Taylor Trust that produced over $183.5 million in proceeds for the beneficiaries of the trust — the friends and family of Elizabeth Taylor. This suit stems from Christie’s seeking the return of a small portion of these proceeds due to the cancellation of a single item from that sale, and Christie’s looks forward to a speedy resolution of this matter.”

Read more at Page Six


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