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E-Land pays $8.8 million for 33-carat Elizabeth Taylor diamond ring

Dec 16,2011
The Elizabeth Taylor diamond [AP/YONHAP]
NEW YORK - A major Korean retail group said yesterday it was the buyer of a 33-carat diamond once owned by Hollywood star Elizabeth Taylor that was auctioned for more than $8.8 million in New York this week.

A spokesman for E-Land said the group would put the diamond, set in a ring, on display at its E-World theme park in the southeastern city of Daegu but gave no further details.

E-Land said in a statement the rectangular white diamond was known to have been Taylor’s favorite and was a gift from her fifth husband, actor Richard Burton, in 1968. He paid $300,000 for it.

At a Christie’s auction Tuesday night of memorabilia amassed by the late actress, the diamond ring sold for $8,818,500. It had been estimated to sell for $2.5 million to $3.5 million.

Taylor’s jewelry collection sold for a record-setting $115 million in total, including more than $11.8 million for a pearl necklace. The pearl, diamond and ruby necklace, known as “La Peregrina,’’ reached the world-record price of $11,842,500. It had been estimated to sell for $2 million to $3 million. The price surpassed the previous auction record for a pearl, set in 2007 with the sale of The Baroda Pearls for $7,096,000. Burton bought the necklace at auction in 1969 for Taylor for $37,000.

Taylor, a screen goddess who starred in classics such as “Giant,’’ “Who’s Afraid of Virginia Woolf?’’ and “Cat on a Hot Tin Roof,’’ died in Los Angeles in March at age 79.

A jewelry lover, she had pieces from some of the most famous names in the jewelry world, including Cartier, Van Cleef & Arpels and Chopard, in her collection.

Among the other high-profile items was a diamond bracelet given to the “National Velvet’’ and “Cleopatra’’ actress by singer Michael Jackson, with an estimated sale price of $30,000 to $50,000. It sold for $194,500. All prices include the buyer’s premium.

Taylor’s collection of impressionist and modern art is scheduled to go on sale at Christie’s in London in February.


AP



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