What do billionaire fathers give their daughters as gifts? A USD48.39-million diamond, says a Hong Kong father.

Hong Kong property tycoon Joseph Lau bought a 12.03-carat diamond named "Blue Moon" for a record HKD375 million (USD48.39 million) at a Sotheby's auction.

The Xinhua news agency has reported that Lau bought the diamond, set in a ring, for his daughter Josephine, who is just seven years old.

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It was not the first time that the Hong Kong billionaire gave his daughter a multi-million dollar gift. Just a day before buying the 12.03-carat diamond, Lau paid USD28.5 million on a rare 16.08-carat pink diamond.

Lau renamed the USD48.39-million jewel "The Blue Moon of Josephine" while the pink diamond was renamed "Sweet Josephine", all for the love of his daughter.

Lau's Hong Kong-based spokeswoman confirmed the two purchases.

According to Sotheby's the "Blue Moon for Josephine" broke a number of records and made the jewel the most expensive diamond ever and the most expensive sold at auction.

It shattered the previous record of "Graff Pink" diamond, which was 24.78 carat and sold by Sotheby's for USD46.2 million in 2010.

Lau is a controversial figure in Hong Kong not just for his purchases of expensive jewelries.

Last year, a conviction of bribery and money laundering forced Lau to step down as chairman and cEO of Chinese Estates Holdings of Hong Kong, his flagship real estate development firm.

A court in Macau found Lau guilty in connection with the reported payment of USD2.6 million to a former public works chief in Macau in a money-for-land deal.

The conviction is suspended pending a final ruling. Analysts, however, said Lau will not land in a Macau jail because Hong Kong does not have an extradition treaty with Macau.

TagsJoseph Lau, Blue Moon, Sotheby's