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For richer, not poorer

A multimillionaire sues President Bush's former sister-in-law to get back a diamond engagement ring.

February 13, 2008|From the Associated Press

NEW YORK — A multimillionaire financier once engaged to marry President Bush's former sister-in-law is suing her for the return of an 11-carat diamond engagement ring that he says is worth $434,000.

Gerald Tsai Jr., 78, says in his lawsuit that after he and Sharon Bush, 55, agreed to marry in October 2006, he bought her the rectangular yellow diamond ring from Saks Fifth Avenue for $243,000. It is now worth much more, he said.

Tsai's lawsuit says "the sole and exclusive consideration, motivation and reason" for giving the ring to Bush was their "contemplated marriage." He says he and Bush agreed she would return the ring if they decided not to marry.

The engagement was called off Jan. 23, Tsai's papers say, and he asked for the ring back. But Bush, formerly married to the president's younger brother, Neil Bush, has refused to return it, the lawsuit says.

Tsai's lawsuit, filed Monday in state Supreme Court in Manhattan, asks for the ring's "fair and reasonable replacement value" of $434,000.

Bush's attorney, David Berg, said he was aware of the ring but not of Tsai's lawsuit. He said he had no further comment.

Sharon and Neil Bush, 53, divorced in April 2003 after 23 years of marriage. They have three children.

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