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This Billionaire Just Bought A $48 Million Diamond — For His 7-Year-Old Daughter!

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Must be nice, right?!

Joseph Lau, a real estate tycoon from Hong Kong, bought a 12-carat diamond for his seven-year old daughter at a Sotheby's auction this week. The price?

A whopping $48.4 MILLION dollars!!

Related: Emilia Clarke Goes Bra-Less For Dior Jewelry!

Lau renamed the famous diamond, which had been known as "Blue Moon," to "Blue Moon of Josephine" immediately after purchasing it, as a reference to his daughter.

And if you think that wasn't enough, Lau's $48.4 million purchase comes exactly one day after he dropped

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