Hong Kong Property Mogul buys £32m gem for his seven-year-old daughter

A property mogul have paid a whooping sum of  £32 million for a diamond sold in most expensive public auction for. 

Property tycoon Joseph Lau paid the record-breaking price for The Blue Moon Diamond, a “flawless” 12.03 carat gem which he bought for his 7 year old daughter. 

The diamond was sold by Sotheby’s in Geneva with Lau winning the auction after a tense sale featuring 30 bids.Mr Lau, a 64-year-old real estate investor based in Hong Kong, has now renamed the £31.9million diamond "The Blue Moon of Josephine", after his young daughter. He also paid £19 million for a second pink diamond which he is renaming "Sweet Josephine".

Express UK reports that Mr Lau owns a 61 per cent stake in Chinese Estates Holdings. His fortune is according to Forbes is estimated  at £7.6billion.