A billionaire hedge fund manager who amassed a lavish collection of ancient artefacts has agreed to surrender $70m (£53m) in stolen antiquities and been handed a lifetime ban from acquiring such treasures.

In return, Michael Steinhardt, 81, will not face criminal charges for illegally acquiring art that was smuggled from 11 countries, including Egypt, Greece, Israel, Syria and Turkey, Manhattan’s district attorney announced.

“For decades, Michael Steinhardt displayed a rapacious appetite for plundered artefacts without concern for the legality of his actions,” Cyrus Vance Jr said in a news release.

“His pursuit of ‘new’ additions to showcase and sell knew no geographic or moral boundaries, as reflected in the sprawling underworld of antiquities traffickers, crime bosses, money launderers, and tomb raiders he relied upon to expand his collection.”

Many items Mr Steinhardt acquired were taken from countries during times of war or civil unrest, prosecutors said.

In a statement, the billionaire said that he was “pleased” that the investigation did not result in criminal charges and stated that items wrongfully acquired will be returned to their native countries.

What sort of items did Mr Steinhardt collect?

A raid of the philanthropist’s Manhattan home in 2018 resulted in several stolen art pieces being seized.

Among them was a chest of human remains called a larnax, dating back to 1300BC from the Greek Island of Crete, sourced from a known trafficker of antiquities.

Another was a ceremonial vessel in the form of a stag’s head dating back to 400BC, valued $3.5m (£2.7m).

It had appeared on the international market without provenance following looting in Milas, Turkey.

Artwork is expected to have provenance, as this gives the seller and buyer a detailed history of an item’s ownership, helping establish its authenticity and increase its value.

According to prosecutors, during the initial investigation in May 2017, Mr Steinhardt had said of one item: “You see this piece? There’s no provenance for it. If I see a piece and I like it, then I buy it.”

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