A bankrupt British socialite and art dealer is in a High Court dispute over whether he is the owner of a centuries-old painting.

James Stunt, the former son-in-law of ex-Formula 1 boss Bernie Ecclestone, was declared bankrupt in June 2019.

A trial in London heard he purchased Sir Anthony Van Dyck’s portrait, The Cheeke Sisters, in 2013 for £600,000, but his father, Geoffrey Stunt, has since claimed ownership of the artwork which is now valued at up to £4 million.

Barristers for the trustees of James Stunt’s bankruptcy claim he owns the painting, but James and Geoffrey Stunt claim that Geoffrey owns the artwork.

Joseph Curl KC, representing the trustees, said that this represented a “significant injustice” to his creditors.

He said on Tuesday: “It is common ground that Fergus Hall Limited sold the painting in January 2013. What is in dispute is to whom Fergus Hall Limited sold it.”

Mr Curl told the court that the painting was sold to James Stunt, who was made bankrupt on June 6 2019, but that Geoffrey Stunt claimed ownership of the item in 2020.

The trustees contend that the painting was purchased by or for James Stunt, and Geoffrey Stunt says the painting was purchased by and for himself

But he said documents related to the sale proved that the company selling the painting believed James Stunt “became and was always intended to be the owner of the painting”.

James Stunt married Mr Ecclestone’s daughter Petra in 2011 at a multimillion-pound ceremony at Odescalchi Castle, Rome, when an array of pop stars entertained them and 350 guests. The couple split in 2017.

James Stunt did not attend court on Tuesday, but is expected to give evidence on Wednesday.

Geoffrey Stunt was present in court.

His barrister, Lee Schama, said: “The trustees contend that the painting was purchased by or for James Stunt, and Geoffrey Stunt says the painting was purchased by and for himself.”

What Geoffrey Stunt contends is that he bought the painting by and for himself. He used his own funds and he intended to own it himself. It is as simple as that

He continued: “The short answer to that case is there is no evidence that James was the real source of funds. Bank evidence turns very much the other way.

“What Geoffrey Stunt contends is that he bought the painting by and for himself. He used his own funds and he intended to own it himself. It is as simple as that.”

Mr Schama told the court that James Stunt’s art collection “numbered over two hundred” paintings, including “more than 20 by Van Dyck”.

Van Dyck was born in modern-day Belgium and came to work in England in 1632 at the invitation of King Charles I.

The Cheeke Sisters: Essex, Countess of Manchester and Anne, Lady Rich was painted around 1640 and is one of a small collection of double portraits painted by the artist.

The trial before Insolvency and Companies Court Judge Clive Jones is due to conclude on Thursday, with a judgment expected at a later date.