The artist grandson of wealthy Manhattan socialite and Clinton donor Denise Rich and her late financier husband Marc killed himself in London last week.

Kai Schachter, the 19-year-old son of art dealer Kenny Schachter and artist Ilona Rich Schachter, took his own life in London last Monday, Page Six reports.

Sources claim Kai was left 'heartbroken' by a 'busted romance'.

'Kai's death is a devastating loss, he was a hugely gifted artist with a wonderful spirit and a sense of humor that touched everyone he met,' the Rich and Schachter families said in a statement.

'The family is asking for privacy at this time as they take time to grieve and gather all of the details.'

Kai is believed to have have been living between London and New York at the time of his death. He was an artist enrolled at London's Slade School of Fine Art at the time.

Kai Schachter, 19, the grandson of Manhattan socialite Denise Rich and her late husband Marc died in London last week after taking his own life

Denise, 75, is a well-known songwriter, and was also a big donor to Bill Clinton, handing over $1 million to the Democrats during his presidency. She is pictured with Hillary Clinton in 1999

In Manhattan, Kai shared an apartment with his brother Adrian and two other artist friends on the Lower East Side.

He had also built up a close circle of prominent friends in London, including Jude Law's son Rafferty.

Kai had been dating British socialite Lady Lola Crichton-Stuart prior to his death and she posted multiple tributes describing him as the 'love of her life'.

Kai was one of four children of artist Ilona Rich Schachter and art dealer Kenny Schachter. The couple are pictured together in 2006

Sources told Page Six that Kai was 'heartbroken over a busted romance' before his death. A representative for Lady Lola declined to comment.

Kai and his brother Adrian had been featured in the pages of Vogue Italia and also various art magazines as they made their mark in the creative world.

The talented teenager was one of four children of Kenny and Ilona, who is the daughter of songwriter Denise and the late financier Marc - known to many as the 'King of Commodities'.

Marc died at the age of 78 in June 2013 at a hospital in Lucerne, Switzerland after he fled to Europe 30 years earlier when he and his business partner were charged with more than 50 counts of fraud, racketeering and tax evasion.

He spent nearly two decades on the FBI's Most Wanted list, and narrowly escaped capture in Finland, Germany, Britain and Jamaica.

Among the most serious crimes of which he was accused was trading with Iran during the U.S. Embassy hostage crisis, when he was alleged to have taken advantage of the oil embargo to make huge profits in the energy market.

Marc had previously insisted that he was neutral on all matters of international relations, saying: 'In our business we're not political. That's just the philosophy of our company.'

Switzerland refused to hand him over to U.S. authorities because of its secretive tax laws and neutral policy towards Iran, and his lawyers repeatedly pressed the Department of Justice to drop the case against him.

Kai, who is pictured with British socialite Lady Lola Crichton-Stuart, was understood to be living between London and New York at the time of his death

The emerging artist, who is pictured far left with family including his grandmother Denise (third from left), was reportedly left 'heartbroken over a busted romance'

Kai (left) and his brother Adrian (right) had been featured in the pages of Vogue Italia and also various art magazines as they made their mark in the creative world

British socialite Lady Lola Crichton-Stuart posted multiple tributes to Kaie following his death and described him as the 'love of her life'

When DoJ officials refused to negotiate, Rich's attorneys turned to Clinton, and on January 20, 2001 he granted the fugitive a pardon - just hours before he handed over the White House to George W. Bush.

Critics pointed out that Denise Rich had donated $200,000 to the Democratic Party in the previous year, as well as giving money for Clinton's presidential library. Denise is said to have given around $1 million to the Democrats during Clinton's presidency.

Lady Lola, a British society beauty and daughter of the 7th Marquess of Bute, was among those who paid tribute to Kai on Instagram following his death.

Kai's grandfather was late financier and 'King of Commodities' Marc Rich. Marc died at the age of 78 in June 2013 at a hospital in Switzerland after he fled to Europe 30 years earlier when he was charged with more than 50 counts of fraud, racketeering and tax evasion

The socialite, who appeared in the February issue of Tatler with her mother Serena Bute, posted multiple photos of her kissing Kai as part of her tribute posts to him.

'A life without you is a life I can't bear the thought of. I still cannot wrap my head around it,' she wrote on Instagram.

'You were the kindest person I have ever known, you had the biggest heart and the most special soul. All you ever wanted was for everyone else around you to be happy, seldom yourself. Your kindness never went unnoticed.

'You touched every single person you met, so deeply. I always wondered how could someone be so good? How did I get so lucky to have you and love you when I did.

'We were a team and I feel part of me has been taken. The thought you were in pain and suffering in silence breaks my heart. I wish I could have done more to save you. Nothing will ever be the same without you, there will never be anyone quite like you. You were my rockstar.'

She went on to describe his 'epic energy', 'goofy grin' and huge heart.

'I have never known someone as loved as you were, you made such an impression on this world, in such a short amount of time, it will never be the same without you,' she said.

'Life is not fair and your journey was cut far too short. You were too special for this world my darling Kai Kai.'

Kai, whose artwork had been shown in London and the U.S., was a member of a fashion-art-music collective co-founded by Rafferty Law. The pair are both pictured above

Close friend Rafferty Law, who is the 22-year-old son of Jude Law and Sadie Frost, paid tribute to his 'friend' and 'brother' before urging followers to speak out about mental health issues

British socialite Lady Lola Crichton-Stuart led tributes to artist and 'love of her life' Kai Shcachter following his death last week. They are pictured above together in a Valentine's Day Instagram post

In the last 48 hours Lady Lola has shared photos of a memorial for Kai, in which paper lanterns were released into the sky, pictured

Lady Lola, also 19, who was named one of Tatler's English Roses, penned a heart-wrenching Instagram post remembering Kai, just weeks after sharing the loved-up Valentine's Day photo

Kai's friends held a memorial for him on Tuesday during which they released paper lanterns into the sky.

Lady Lola shared photos and videos of the lanterns being released as the group of friends sang. She captioned the post: 'We sang to you. my best friend, my love, my other half forever.'

Friends have also offered their support to Lady Lola, including Sadie Frost, who wrote: 'Sending love'.

Meanwhile, close friend Rafferty Law, who is the 22-year-old son of Jude Law and Sadie Frost, paid tribute to his 'friend' and 'brother' before urging followers to speak out about mental health issues.

Kai's model friend Adwoa Aboah paid tribute to the artist and said his death had reminded her to make sure loved ones were not suffering in silence.

'This week we lost our Kai, an infectious energy, Kai's death has not only broken my heart but countless others. If there is anything to have learnt from this tragic loss, it's that we MUST ask the questions that sometimes feel to hard to ask, we MUST work hard together to make sure that our loved ones and others around us never have to suffer in silence, believing that they are alone, unheard and that there is no light at the end of the tunnel,' she wrote.

Kai, whose artwork had been shown in galleries in London and the U.S., was a member of a fashion-art-music collective co-founded by Rafferty Law, known as Raff.

Those seeking support in the U.S. should contact the National Suicide Prevention Line on 1-800-273-8255, or visit suicidepreventionlifeline.org.

For support in the U.K. contact Samaritans 116 123 or visit samaritans.org.

Kai's grandmother Denise Rich is a wealthy New York socialite. She is pictured above with Michael Jackson and Hillary and Bill Clinton