Bitter tug-of-war rages over who owns lavish £21m diamond known as Idol’s Eye

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Posted on 11/18/2024 11:22:27 AM PST by nickcarraway

A £21million diamond known as the Idol's Eye is being fought over in London by arguing Qatari royals.

Multi-billionaires the Al-Thanis are at war over the 70.21 carat blue-tinged jewel, once reportedly the eye of a temple idol in Benghazi, Libya.

It was kept in the London home of late Qatari culture minister Sheikh Saoud bin Mohammed Ali Al-Thani and is currently held by a firm owned by a foundation, where his widow Amna and children are beneficiaries.

But super-rich cousin London-based art collector Sheikh Hamad bin Abdullah Al-Thani is in a High Court tug-of-war over ownership of the gem.

Sheikh Abdullah, whose £320million Mayfair mansion Dudley House is said to be the UK’s dearest private home, claims that via investment firm Qipco he has the right to buy the Eye for £7.8million after the family put it on sale during the pandemic in 2020.

Elanus, the firm that owns the gem, claims the sale offer was a “mistake”.

Multi-billionaires the Al-Thanis are at war over the 70.21 carat blue-tinged jewel, once reportedly the eye of a temple idol in Benghazi, Libya.

It was kept in the London home of late Qatari culture minister Sheikh Saoud bin Mohammed Ali Al-Thani and is currently held by a firm owned by a foundation, where his widow Amna and children are beneficiaries.

But super-rich cousin London-based art collector Sheikh Hamad bin Abdullah Al-Thani is in a High Court tug-of-war over ownership of the gem.

Sheikh Abdullah, whose £320million Mayfair mansion Dudley House is said to be the UK’s dearest private home, claims that via investment firm Qipco he has the right to buy the Eye for £7.8million after the family put it on sale during the pandemic in 2020.

Elanus, the firm that owns the gem, claims the sale offer was a “mistake”.

Lawyers say it was just an expression of interest to sell by one person – the late sheikh’s son Sheikh Hamad bin Saoud Al-Thani, who had not consulted his mother or sisters, and directors had not considered a sale.

They claim it is worth far more than the reported price tag – about £21million. It was found in southern India in 1600, bought by the late Sheikh Saoud for £7million in 2004 and held by Elanus. Its barrister Sa’ad Hossain KC said: “He kept it in his personal safe. It was one of the most significant pieces in his collection.”

The gem was loaned to Qipco in 2014 for lavish exhibitions, with the deal letting the firm buy it if Elanus made clear a “wish” to sell. The price would be based on the higher of independent valuations or £7.8million.

Sheikh Saoud died in 2014 and Qipco lawyers say the sale process was triggered in February 2020 with a letter from Elanus’ Swiss solicitor that stated: “I just learned from Sheikh Hamad, the son of the late Sheikh Saoud Al Thani, that the family would like to sell the Idol’s Eye.”

Qipco says the family went back on the offer which they were not entitled to do under the deal and it is suing to buy the jewel for the £7.8million.

Mr Hossain said the letter was sent after Sheikh Hamad was looking to fund property deals. He told Judge Simon Birt KC: “Although the February 6 letter said that the family wished to sell the Idol’s Eye, they did not. Indeed, they had not even discussed or considered it. As for Elanus and its ultimate beneficial owner, the foundation, they had not even been consulted let alone formed any ‘wish’.

“Even Sheikh Hamad bin Saoud...had only sought to explore the possibility of a sale at the right price. When the rest of the family learned of the letter, they were understandably shocked, and corrected the position.

“It is Qipco’s flat refusal to accept that withdrawal, and instead to insist on completing the purchase without Elanus’s consent, that has also led to this dispute.” He said the letter which had triggered Qipco’s claim of a right to buy the gemstone was “fundamentally incorrect” because the family as a whole had not been consulted.

Mr Hossain said the Eye is owned by Elanus and not the Al-Thanis. But Qipco’s lawyer Robin Stewart KC said the letter constituted a “wish to sell” or for Qipco to return the diamond under the loan agreement.

Multi-billionaires the Al-Thanis are at war over the 70.21 carat blue-tinged jewel, once reportedly the eye of a temple idol in Benghazi, Libya.

It was kept in the London home of late Qatari culture minister Sheikh Saoud bin Mohammed Ali Al-Thani and is currently held by a firm owned by a foundation, where his widow Amna and children are beneficiaries.

But super-rich cousin London-based art collector Sheikh Hamad bin Abdullah Al-Thani is in a High Court tug-of-war over ownership of the gem.

Sheikh Abdullah, whose £320million Mayfair mansion Dudley House is said to be the UK’s dearest private home, claims that via investment firm Qipco he has the right to buy the Eye for £7.8million after the family put it on sale during the pandemic in 2020.

Elanus, the firm that owns the gem, claims the sale offer was a “mistake”.

Lawyers say it was just an expression of interest to sell by one person – the late sheikh’s son Sheikh Hamad bin Saoud Al-Thani, who had not consulted his mother or sisters, and directors had not considered a sale.

They claim it is worth far more than the reported price tag – about £21million. It was found in southern India in 1600, bought by the late Sheikh Saoud for £7million in 2004 and held by Elanus. Its barrister Sa’ad Hossain KC said: “He kept it in his personal safe. It was one of the most significant pieces in his collection.”

The gem was loaned to Qipco in 2014 for lavish exhibitions, with the deal letting the firm buy it if Elanus made clear a “wish” to sell. The price would be based on the higher of independent valuations or £7.8million.

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Sheikh Saoud died in 2014 and Qipco lawyers say the sale process was triggered in February 2020 with a letter from Elanus’ Swiss solicitor that stated: “I just learned from Sheikh Hamad, the son of the late Sheikh Saoud Al Thani, that the family would like to sell the Idol’s Eye.”

Qipco says the family went back on the offer which they were not entitled to do under the deal and it is suing to buy the jewel for the £7.8million.

Mr Hossain said the letter was sent after Sheikh Hamad was looking to fund property deals. He told Judge Simon Birt KC: “Although the February 6 letter said that the family wished to sell the Idol’s Eye, they did not. Indeed, they had not even discussed or considered it. As for Elanus and its ultimate beneficial owner, the foundation, they had not even been consulted let alone formed any ‘wish’.

“Even Sheikh Hamad bin Saoud...had only sought to explore the possibility of a sale at the right price. When the rest of the family learned of the letter, they were understandably shocked, and corrected the position.

“It is Qipco’s flat refusal to accept that withdrawal, and instead to insist on completing the purchase without Elanus’s consent, that has also led to this dispute.” He said the letter which had triggered Qipco’s claim of a right to buy the gemstone was “fundamentally incorrect” because the family as a whole had not been consulted.

Mr Hossain said the Eye is owned by Elanus and not the Al-Thanis. But Qipco’s lawyer Robin Stewart KC said the letter constituted a “wish to sell” or for Qipco to return the diamond under the loan agreement.

Spend it, gift it, protect it... but don't simply hand your inheritance to Labour!

He said Elanus’ claim to be distinct from the Al-Thani family was “crumbling,” as the company’s defence had been “determined by the family,” which is funding its case and whose interests are being pursued.

Mr Stewart went on to claim to the judge that the Swiss lawyer had “clear” authority to send the letter as the representative of Elanus.

The hearing continues.

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1 posted on 11/18/2024 11:22:27 AM PST by nickcarraway

To: nickcarraway

2 posted on 11/18/2024 11:25:40 AM PST by ClearCase_guy (My decisions about people are based almost entirely on skin color. I learned this from Democrats.)

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