Billionaire Buys His 7-Year-Old Daughter Record-Breaking $48.5 Million Blue Diamond

That is one big rock.

A very large, very rare, “Blue Moon” diamond was sold for the very big sum of $48.5 million, the new record price for any jewel sold at auction, according to Sotheby’s.

The 12.03-carat stone is considered one of the largest blue diamonds ever found.

It was auctioned in Geneva Wednesday by Sotheby’s, the company said. On Thursday, CNN reported that the monster rock was purchased by a Hong Kong real estate billionaire for his 7-year-old daughter Josephine.

That billionaire, Joseph Lau, reportedly renamed the gem "Blue Moon of Josephine" after his young daughter.

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A packed room erupted in applause then the winning bid was accepted. The luminescent stone’s sale price exceeded the previous record of $46.2 million set in 2010 by the Graff Pink diamond, the auction house said.

The blue diamond’s name comes from its rarity, as in the saying “once in a blue moon.” Its price tag also set a record price of more than $4 million per carat.

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