A Hong Kong billionaire bought two of the world's most expensive diamonds for his young daughter, according to CNN. The coveted "Blue Moon Diamond" was purchased from the Sotheby's auction on Wednesday by Joseph Lau, the 114th richest man in the world, according to Forbes.

He bought the 12.03 carat rarity at an astonishing $48.4 million, all for the delight of his 7-year-old daughter, Josephine.

Lau was supposedly in an 8-minute bidding war over the phone before the diamond became his. Immediately upon purchasing the diamond, he changed its name to the "Blue Moon of Josephine."

Just a day before he purchased the Blue Moon, Lau picked up another rare stone at $28.5 million from Christie's and renamed it "Sweet Josephine."

The tycoon is known for his elaborate purchases, seemingly knowing no expense when it comes to providing nice things for his daughters.

In 2009, he had purchased yet another diamond, and - following suite with his other purchases - he renamed it the "Star of Josephine," according to the Guardian.

Josephine is the daughter of Lau and his former aid, Chan Hoi-wan.

The businessman with an eye for all that sparkles does have a checkered past, however. In 2014, he was found guilty of bribing an official in order to acquire prime real estate.

@ 2018 HNGN, All rights reserved. Do not reproduce without permission.