Feb. 26--It was once a symbol of love -- a birthday gift from one movie icon to another.
Now Elizabeth Taylor's heart-shaped diamond known as the "Taj Mahal" is at the center of a legal squabble between the trustees of the glamorous actress' estate and Christie's auction house.
The precious stone -- given by her then-husband Richard Burton on her 40th birthday -- was among an array of items in Taylor's immense collection of jewelry and other belongings that were sold by the New York auction house in 2011 and 2012.
The diamond pendant sold for more than $8 million to an anonymous buyer after Taylor died in 2011.
The dispute focuses on an inscription on the piece that bears the name of a Mughal emperor's wife. The empire, which covered a swath of southeast Asia, existed from the 16th to the mid-19th centuries.
Christie's agreed to cancel the sale even though the auction house had never guaranteed the age of the diamond, the lawsuit alleges. The diamond had been described only as being of Indian origin, the trustees contend.
The auction house has demanded that Taylor's trust return more than $7 million it received from the sale, the lawsuit said. The trustees allege the auction house has violated its agreement to auction off the estate and did so only to appease a "VIP customer."
A Christie's spokesperson released a statement saying the auction house "was pleased to create a landmark auction event on behalf of the Elizabeth Taylor Trust that produced over $183.5 million in proceeds for the beneficiaries of the Trust -- the friends and family of Elizabeth Taylor."
The statement said the suit involves the auction house "seeking the return of a small portion of these proceeds due to the cancellation of a single item from that sale, and Christie's looks forward to a speedy resolution of this matter."
An attorney representing the trustees declined to comment.
The trustees allege that other proceeds that have yet to be turned over had been earmarked for the Elizabeth Taylor AIDS Foundation.
UPDATE
5:15 p.m.: This post was updated to include a comment from Christie's.
This post was originally published at 3:30 p.m.
