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Spanish Billionaire Arrested For Smuggling A Picasso Painting

Spanish Billionaire Jaime Botin (worth an estimated $1.7 billion) has had a painting done by Pablo Picasso in 1906 seized from his yacht.

The painting, which costs $29 million, was the property of Botin however it could not leave Spain without permission.

Botin attempted to smuggle Picasso’s historic Head of a Young Woman portrait out of the country — a celebrated work from the master artist’s pre-Cubist “Rose” period.

The former head of Spanish lender Bankinter was found guilty of contraband in “culturally important goods” and was forced to surrender the work to authorities.

Botin acquired the painting back in 1977, and it’s currently in the security of the Reina Sofia museum in Madrid.

It is highly unlikely that the business magnate will have to serve 18 months in prison due to his old age. It is also the 83 year olds first offence.