Elizabeth Taylor — Family Jewels and a Ton of Cash Held Hostage...

Elizabeth Taylor — Family Jewels and a Ton of Cash Held Hostage … Liz's Trust Sues

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Elizabeth Taylor

Family Jewels and Cash Held Hostage

… Liz’s Trust Sues

17 minutes ago BY TMZ STAFF

EXCLUSIVE

0225-liz-taylor-getty-01One of Elizabeth Taylor‘s iconic jewelry pieces fetched almost $9 million in an auction — but the buyer backed out, and now Liz’s trust is suing famed auction house Christie’s Inc. for screwing up the deal.  

Lizzie’s Taj Mahal diamond necklace — a gift from Richard Burton — was one of the items hawked during Christie’s 2011 auction … which took in a whopping $156,756,576. Problem is … the guy who bid $8,818,500 for the necklace backed out because the massive heart-shaped diamond wasn’t up to snuff for him. 

Meanwhile, Christie’s had already paid Taylor’s trust for the necklace … and when the guy backed out … the auction house demanded the cash back. As you can imagine, they weren’t in the giving mood. In fact, the Taylor trust is now suing Christie’s.

0225-Necklace-liz-taylor-SUB-01

According to the suit … Christie’s is holding hostage millions of dollars gained from the auction of other items — including a Bulgari ring and a Valentino fur evening bag. The Bulgari alone sold for $2.9 million. 

The Taylor trust says Christie’s is strong arming — refusing to hand over cash from all the other items … unless it gets back the Taj Mahal funds. 

The Taylor trust wants the court to tell Christie’s to go kick rocks.

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