James Stunt is to sell Picasso painting to avoid bankruptcy and settle legal bill for divorce from Petra Ecclestone
- The gold bullion tycoon faced bankruptcy over an outstanding bill of £250,000
- He has agreed to sell assets including paintings and fine wines to settle the bill
- Costs were racked up during his divorce from former F1 boss Bernie’s daughter
James Stunt narrowly staved off bankruptcy yesterday by promising to sell fine wines and ‘a Picasso’ to fund a £250,000 bill from his divorce lawyers.
A judge gave the tycoon until the end of this week to list all his assets which include a cellar boasting bottles of Chateau Petrus that are worth up to £10,000 each.
Laurus Law, which is understood to have worked for Mr Stunt during his 2017 divorce from F1 racing heiress Petra Ecclestone, demanded he be made bankrupt for failing to pay its bill.
James Stunt has promised to sell valuable artefacts including a Picasso and a Monet in order to settle his legal bill
The case against the gold bullion dealer, once said to be worth around £3billion, was heard in the High Court in London yesterday.
Mr Stunt, 37, is also being chased over alleged unpaid bills of £1million to a bookmaker and £140,000 to former bodyguards.
The father of three’s barrister, Timothy Higginson, told the bankruptcy court his client was ‘very, very’ rich but his money had been frozen during a police probe.
A court order was needed for him to be allowed to sell assets.
Mr Stunt told an earlier hearing he would raise cash by selling Picasso and Monet paintings.
Judge Clive Jones adjourned the hearing.
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