This Rare Blue Diamond Just Sold For a Price That'd Make J Lo Blush

Many youngsters look forward to getting a simple toy when they're young, even an American Girl doll if they're lucky. But one little girl is in for the treat of a lifetime after her father spent $48 million on a blue diamond just for her.

The stone, a blue diamond that weighs in at over 12 carats, was purchased by Joseph Lau, who immediately christened his purchase the "Blue Moon of Josephine," in honor of his daughter.

The purchase immediately became the highest auction price ever paid for any diamond, regardless of color, size, or clarity. The sale took place at Sotheby's in Geneva, Switzerland, on Wednesday. In touting the record-setting price, Sotheby's said in a statement, "Among the world's largest known fancy vivid blue diamonds, the exquisite stone weighing 12.03 carats, boasts internally flawless clarity and truly outstanding color."

Lau, a Hong Kong property developer and reported billionaire, has purchased a number of other gems with eye-popping price tags for his daughter, including a $28.5 million pink diamond and another blue diamond for $9.5 million. (In 2014, Lau was convicted of bribery and money laundering in Macau.)