The press likened their reunion to the ill-fated remarriage of Richard Burton and Elizabeth Taylor.
Mounted on a ring, it was a gift from Richard Burton to Elizabeth Taylor.
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In 1984, actor Richard Burton died at a hospital in Geneva, Switzerland, at the age of 58.
In 1925, Welsh stage and screen actor Richard Burton, twice married to and divorced from Elizabeth Taylor, born.
Elizabeth Taylor divorced Richard Burton in 1974 after ten years of marriage, only to remarry him a year later.
Richard Burton gave it to Ms. Taylor in 1972 for her 40th birthday.
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La Peregrina remained in American hands until 1969, when Richard Burton bought it at auction in New York for Elizabeth Taylor.
The Richard Burton Diaries, edited by Professor Chris Willliams, of Swansea University, will be published by Yale University Press in October.
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The editor of Richard Burton's diaries says the legendary Welsh actor remained down to earth and without pomposity, despite his huge success.
Friday night's opening will include tributes to Dame Shirley Bassey, actress Sian Phillips, soprano Dame Gwyneth Jones, composer Alun Hoddinott and the late Richard Burton.
On the outskirts of the city, the villa was a popular getaway in the 1960s--attracting guests like Richard Burton and Elizabeth Taylor--and was restored in 2002.
Richard Burton, the Welsh actor of stage and screen, was at the height of his fame when he married Susan Hunt, an international model, in August 1976.
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Among the items in the sale is the Elizabeth Taylor Diamond, a 33.19-carat, Asscher-cut diamond on a ring that was a gift from her husband Richard Burton.
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Artefacts displayed at the screening included letters written by Richard Burton and Elizabeth Taylor, photographs, original scripts signed by Victor Spinetti and other members of the cast.
The most important is a painting by John Phillips, which Mr Ondaatje found in a private Australian collection, of Sir Richard Burton in Afghan dress before his ill-fated journey to find the source of the Nile.
Taylor's romance with her Cleopatra co-star Richard Burton generated huge interest in the media, not only because their romance had transitioned from on-screen to off, but because they were both married to other people at the time.
While America remains captivated by the sleaze and glamour of Hollywood, honouring an age-old tradition since the days of Elizabeth Taylor and Richard Burton, there will always remain an industry of people who can provide the goods.
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Professor Stead also spoke about Houston's close friendships with fellow Welsh actors Richard Burton and Sir Stanley Baker, his love of the Rhondda and how his classic good looks, warm spirit and openness endeared him to cinema goers of all ages.
"The same beach that I built my boyhood sand castles and learned to flailingly swim, it was that same beach, that one legendary day, Richard Burton and Elizabeth Taylor descended from the heavens, like gods from Olympus, in a helicopter ... and landed on those sands, " Sheen said.
While she was married to Richard Burton, whom she famously met on the set of Cleopatra while still married to crooner Eddie Fisher (who had left his wife, Debbie Reynolds, for her making them the Jen-Brangelina of their day), Taylor bought a parcel of land in what as then a lonely undeveloped stretch of beach in Puerto Vallarta, Mexico.
Born Richard Jenkins, Burton grew up in the village of Pontrhydyfen, near Port Talbot.
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