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Stephanie Seymour's Ex Sells Painting to Save Company From Bankruptcy

August 09, 2010 07:10:54 GMT

During a hearing for the model and Peter Brant's divorce case, it is known that the media mogul gets 4.4 million dollars profit from the sale of 'The Kiss'.


Peter Brant
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Photo credit: L. Caryle/WENN

Stephanie Seymour's estranged husband, media mogul Peter Brant, has auctioned off one of their prized Pablo Picasso paintings for $19.1 million to help save his company from bankruptcy. The retired runway beauty is currently locked in a messy divorce and custody battle with Brant, the father of her three children.

During a pre-divorce trial hearing in Stamford, Connecticut on Friday, August 6, a court heard how Brant had sold Picasso's "Le Baiser" ("The Kiss") during a sale in London in June, making a staggering profit on the $4.4 million the former couple originally paid for the artwork. The money was used to salvage his White Birch Paper Company from going broke.

Seymour's lawyers claim Brant has failed to fully notify them about the sale of the painting as they continue to fight over the financial terms of their split. The purpose of the hearing was to establish whether Brant was required to undergo random drug tests, along with Seymour, as part of their fight over custody of their kids.

A judge ruled Brant must continue to attend random drug tests after he asked to be made exempt from the task. The ex-couple's divorce is due to go to trial in September.


 




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posted by th on Aug 27, 2010
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