Rosewall was unveiled by the artist's granddaughter Sophie Bowness on Thursday - more than three years after it was the centre of a politcal storm.

Bought by Royal Mail in 1963 to make its move from London to the town, it had been on display in Chesterfield for more than 40 years until it was moved to Yorkshire Sculpture Park while redevelopment of its Post Office pension fund's Chetwynd House site.

But there were protests from the borough council in 2005 after it was announced that its owners planned to sell the 2.5 ton work of art, carved out of Nebrasina stone, at auction.

The sale was eventually withdrawn and the piece has now been bought from Royal Mail by Chesterfield Borough Council, thanks to funding from The Art Fund charity, Chesterfield Waterside Partnership and others.

"It is an important day in Chesterfield's history," said council leader Ray Russell at the unveiling ceremony at Future Walk.

He thanked Royal Mail for their help in brokering a deal - and the organisations who had provided funding.

The sculpture will eventually move to the planned Chesterfield Waterside development in around 2011.