Blog Briefing Room

Spanish billionaire fined $58m for attempting to sell stolen Picasso

A Spanish billionaire was sentenced to 18 months in prison and fined approximately $58 million after a stolen Picasso painting was found on his luxury yacht.

NBC News reported Thursday that 83-year-old Jaime Botín will be forced to surrender the painting and pay the hefty fine, though he will likely avoid jail time under Spanish law related to sentences of under two years.

The painting, "Head of Young Woman," was discovered on board the billionaire's yacht off the French island of Corsica by French authorities working with Spanish police.

It is valued at $26 million and considered a national treasure in Spain. Botín reportedly planned to sell it at auction in London.