Bankrupt socialite loses fight over £4m painting
A BANKRUPT British socialite has lost a High Court battle over ownership of a centuries-old painting.
James Stunt tried to distance himself from owning The Cheeke Sisters, an artwork by Sir Anthony Van Dyck, in a dispute with the trustees in his bankruptcy.
Stunt and his father Geoffrey claimed that the latter bought the painting, worth around £4million, for £600,000 in 2013.
James told the court he had “an interest” in the 17th-century piece but that he declined to buy it as he was “rather saturated by Van Dycks”, estimating he had bought some 40 works by the artist.
He added that the deal to buy the portrait was “fully negotiated” by his father, who James said owned the item.
But in a ruling yesterday Judge Clive Jones dismissed the pair’s claims and ruled the painting should be classed as belonging to James for the purposes of his bankruptcy. He said: “In my judgment, on the balance of probability, Mr James Stunt was the contracting buyer. He did not hold the beneficial interest on trust for his father. The fact Mr Geoffrey Stunt paid by cheque was taken into consideration when reaching that conclusion. The painting forms part of the bankruptcy estate.”
James was formerly married to Petra Ecclestone, daughter of ex-Formula One boss Bernie Ecclestone, divorcing in 2017.
James was declared bankrupt in June 2019.
A three-day trial at the Rolls Building in London heard from Joseph Curl KC, representing the trustees, that James bought the portrait but Geoffrey claimed ownership.
Mr Curl said this represented a “significant injustice” to the trustees and the painting should be considered part of James’s bankruptcy estate. He told the court the art company that sold it believed James “became and was always intended to be the owner”.
Lee Schama, representing Geoffrey, told the court the artwork was bought “by and for” him. But in his judgment, Judge Jones said while the money to pay for the painting was drawn on Geoffrey’s account, James could use his father’s bank card for “very substantial sums” and he was a “generous, supportive father who assisted his son through loans”.
He added the pair failed to demonstrate the artwork was not intended for James.
After the judgment, Geoffrey was ordered to pay £210,000 of the trustees’ costs.