Bilbao, Spain - The financial director of one of Spain's top art museums embezzled nearly 500,000 euros (790,000 dollars) from its coffers over a decade, the Guggenheim Bilbao modern art museum said Wednesday.

The museum known for its futuristic architecture, which has put the Basque city of Bilbao on the world's art map since its foundation in 1997, said it had sacked Roberto Cearsolo Barretxea and taken legal action against him.

Cearsolo had confessed to the embezzlement and returned 287,000 euros to the museum, Guggenheim Bilbao director Juan Ignacio Vidarte said.

The former financial director had also promised to return the rest of the money and to collaborate with the investigation, Vidarte explained.

Cearsolo misappropriated money belonging to two companies that managed the Guggenheim Bilbao in small quantities through bank transfers and cheques.

An unrelated financial transaction led to the discovery of the swindle while Cearsolo was on leave. Cearsolo had managed the finances of the museum since its foundation.

The museum would now carry out an extensive audit of its accounts, Vidarte said, describing the embezzlement as an "isolated case."

Designed by Canadian-born architect Frank Gehry, the shiny, ship- like building of the Guggenheim Bilbao draws about a million annual visitors, 60 per cent of them from abroad. (dpa)