James Stunt tried to distance himself from owning The Cheeke Sisters, an artwork by Sir Anthony Van Dyck, in a dispute with the trustees in his bankruptcy.
Stunt and his father Geoffrey claimed that the latter bought the painting, worth around £4million, for £600,000 in 2013.
James told the court he had "an interest" in the 17th-century piece but that he declined to buy it as he was "rather saturated by Van Dycks", estimating he had bought some 40 works by the artist.
He added that the deal to buy the portrait was "fully negotiated" by his father, who James said owned the item.
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