A yacht used in an alleged bid to smuggle a Pablo Picasso painting out of Spain was seen in St George’s over the weekend.

Jaime Botin was convicted of trying to traffic the art work Head of a Young Woman on his 65m schooner Adix in 2015.

Megayacht News reported that the 86-year-old, who is part of the Santander banking dynasty, was sentenced to jail and handed tens of millions of dollars in fines.

But it added that a judge in Madrid suspended Botin’s prison sentence last November after a medical evaluation found that he suffered from an incurable illness.

The website said that Botin’s lawyer argued that since the painting was aboard Adix – flying the British flag – that made it “foreign territory even when the boat is docked in Spanish ports”.

It added that the lawyer argued the painting was to head to Switzerland for safekeeping but the court dismissed the arguments.

Adix was photographed in Bermuda on Sunday but it was not known who was aboard or who had travelled with the yacht.