George Bush’s former sister-in-law in court battle over engagement ring

President George Bush's former sister-in-law is embroiled in a court battle over a $243,000 engagement ring.

Chinese tycoon Gerald Tsai and former fianc?e Sharon Bush are at odds over the yellow diamond sparkler, which she is reportedly refusing to hand over.

The billionaire financier reportedly gave the ring to Bush, the ex-wife of Neil Bush, on Christmas Day 2006, and they had been due to get married Thursday. Instead, they are now facing a legal showdown in Manhattan Supreme Court.

In court papers Tsai says that Bush can keep the ring, but must pay him $434,000, the ring's replacement value, for fraud and breach of contract.

Manhattan socialite Bush, broke up with the President's younger brother in 2003 after a bitter court battle.

Friends of Bush and Tsai tell the New York Post that the couple split-up over his alleged refusal to sign a prenuptial agreement.

Bush refused to discuss the lawsuit, telling the New York Post: "Not after what the Bush people put me through."

By Graeme Massie, Feb 13 2008 © Copyright 2008 - Showbiz Spy