Tycoon Dad Buys 7-Year-Old Daughter $77 Million Worth of Diamonds

A 64-year-old Hong Kong billionaire property tycoon, Joseph Lau, has spent $48.4 million buying a 12.03-carat diamond dubbed ‘Blue Moon’ for his 7-year-old daughter in an auction in Geneva.

Lau, who was reportedly found guilty of bribery in neighboring Macau last year, bought the rock at a Sotheby’s auction on Wednesday and immediately renamed it ‘The Blue Moon of Josephine’ after his seven-year-old daughter.

He previously spent $28.5 million buying a rare 16.08-carat pink diamond – the largest of its kind to ever go under the hammer – from rival auction house Christie’s, which he renamed ‘Sweet Josephine.’

Confirming the two purchases, an Hong Kong-based spokeswoman for Lau told AFP, “The first was the pink one ‘Sweet Josephine’ and the second one was the ‘Blue Moon of Josephine’.”

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Lau also bought rare jewels for his daughter in 2009, when he reportedly spent $9.5 million on a blue diamond, which he renamed the “Star of Josephine”.

According to reports, he welcomed Josephine with girlfriend and former aid, Chan Hoi-wan, and has two other children with long-time partner, Yvonne Lui.