April 17 (Bloomberg) -- The Guggenheim Museum Bilbao said it fired its finance director after he admitted to embezzling about 487,000 euros ($775,000) since 1998.

In a press release published yesterday on its Web site, the museum, which is based in the northern Spanish city of Bilbao, said Roberto Cearsolo Barrenetxea confessed to taking the funds from two companies that manage the Guggenheim Bilbao building and its art collection. He has returned more than half the total and pledged to give back the rest within three months, the museum said.

Guggenheim Museum Bilbao said in the release that it is taking legal action against Cearsolo for ``financial and accounting irregularities'' and has ordered an external audit of the two companies' accounts.

Lawyers for Cearsolo did not respond to attempts to obtain comment.

To contact the reporter on this story: Farah Nayeri in London at farahn@bloomberg.net.

Last Updated: April 17, 2008 07:28 EDT