A painting stolen by the Nazis that was spotted in an Argentinian estate agent's advert has vanished, a prosecutor says following a raid on the home. 'Portrait of a Lady' by Giuseppe Ghislandi was featured hanging above a sofa inside a property near Buenos Aires, which was being sold by the daughter of a senior Nazi who fled Germany after World War Two.

A police raid on the house this week however turned up no painting - but two weapons were seized, federal prosecutor Carlos Martínez told local media. Mr. Martínez said they were treating it as an alleged cover-up of smuggling, Argentinian daily Clarin reported.

The newspaper reported that the furnishings had been rearranged and the picture was missing from the wall when they raided the property. Peter Schouten of the Dutch Algemeen Dagblad newspaper, which first reported the long-lost artwork's reappearance, stated there was evidence the painting was removed shortly afterwards or after the media reports about it appeared.

'Portrait of a Lady' was among the collection of Amsterdam art dealer Jacques Goudstikker, much of which was forcibly sold by the Nazis after his death. Some of the works were recovered in Germany after the war and put on display in Amsterdam as part of the Dutch national collection. For more than 80 years, the location of late-baroque Italian portraitist Giuseppe Ghislandi's painting of the Contessa Colleoni had been unknown until its recent appearance.

AD's investigation found wartime documents suggesting the painting belonged to Friedrich Kadgien, an SS officer and senior financial aide to Hermann Göring, who fled in 1945 to Argentina.

Kadgien died in 1979, but a US file included the line: Appears to possess substantial assets, could still be of value to us. The daughters of Kadgien reportedly sold the house, prompting renewed interest in locating the missing artworks. Another looted artwork - a floral still-life by the 17th-century Dutch painter Abraham Mignon - was also spotted on social media by one sister, who claimed ignorance regarding the whereabouts of the disputed paintings.

Lawyers for Goudstikker's estate have vowed to do everything necessary to reclaim the painting, expressing a commitment to restoring his legacy.