Stolen Mao Calligraphy Worth $300 Million Torn in Two: Report

(Bloomberg) -- A calligraphy scroll by late Chinese leader Mao Zedong worth HK$2.3 billion ($297 million) has been torn in half after being resold to a buyer who thought it was counterfeit, the South China Morning Post reported.

The man cut the piece in half for storage purposes, believing it to be a fake after buying it for a mere HK$500, the Hong Kong newspaper reported on Wednesday, citing a police source. The purchaser surrendered himself and the damaged scroll to the police Sept. 22 following a public appeal by authorities, the paper said.

The scroll was the most expensive item stolen during a burglary at the home of well-known stamp and art collector Fu Chunxiao in Hong Kong nearly one month ago, the SCMP said. Fu said some HK$4 billion worth of items were taken in total, the Post reported previously.

Police arrested one of the suspected burglars and his friend on Tuesday, and continue to search for two people thought to be involved in the theft, the newspaper said.

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