But under cross-examination, his daughter Petra’s extravagant wedding in
Italy, which included performances by the Royal Philharmonic Orchestra and
the Black Eyed Peas, became the focus.
Trying to show that he did not break the terms of an off-shore family trust,
Mr Ecclestone, 81, explained his complex financial set up.
“Here’s a little bit of a demonstration of what really happens,” he said.
“My younger daughter got married and I thought as father of the bride I should
pay for the wedding.
“But when it was suggested how much they would be spending on drinks, I
thought it was absurd and I managed to upset my daughter and my wife.
“Then she spent in excess of £12 million on my daughter’s wedding which I did
not know about until afterwards.”
Mr Ecclestone’s daughters are famously extravagant. At her wedding to James
Stunt, an art dealer, Petra wore an £80,000 Vera Wang dress. The pair live
in a £91million Los Angeles mansion which is reported to have 123 rooms.
Elder daughter Tamara is currently appearing in a reality television show
named Billion $$ Girl and recently posed for pictures with a £70,000 shoe
collection which included 100 pairs of Christian Louboutin heels. Her
£45million home has a car turntable so that she does not need to reverse her
Ferrari out of the driveway.
Mr Ecclestone is currently being investigated by the German authorities. HM
Revenue Customs are also said to be looking into his affairs and he
told the German court that they could demand a tax bill of £2 billion if it
is found that he misused the trust set up to avoid inheritance tax for his
ex-wife and daughters.
Mr Ecclestone was giving evidence at the trial of Gerhard Gribkowsky, a German
banker charged with tax evasion and receiving bribes worth $44 million from
Mr Ecclestone and the family trust, called Bambino.
At the centre of the case are payments Mr Ecclestone made to Mr Gribkowsky.
The Prosecution claims that the money was paid to ensure that Mr Ecclestone
remained in charge of Formula One after its sale by Mr Gribkowsky’s bank to
its new owners in 2006.
But Mr Ecclestone told the court that he was “shaken down” by Mr Gribkowsky
and paid the money to “keep him quiet”.
He said he feared that if he did not pay the money Mr Gribkowsky would make
false allegations to HM Revenue Customs that he was misusing the
Bambino trust.
In another insight into casual way he views the mindboggling sums he is used
to dealing with, Mr Ecclestone referred to the $22 million payment as simply
“One of those things in life you want to forget about,”
After finishing his evidence Mr Ecclestone flew by private jet to the Abu Dabi
Grand Prix. The case continues.