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Sotheby's takes back $83 million pink diamond after buyer defaults

A nearly 60-carat diamond is back in the possession of Sotheby's auction house after it was revealed that the winner of its auction has defaulted and cannot pay the exorbitant sum for it.

The Washington Post noted on Thursday that New York-based diamond cutter Isaac Wolf had previously agreed to pay $83.2 million, including commission fees, for the whopping pink 59.6-carat diamond known by the luxurious-sounding name "The Pink Star."

Wolf outbid three others back in November for the diamond, easily setting a record for the most expensive diamond ever sold at auction, which he later renamed "The Pink Dream." Pre-auction figures estimated the stone to fetch around $61 million.

That sale also shattered the auction house's previous record gemstone record. In 2010, a rare 24.78-carat pink diamond sold for $46.2 million, which shattered the existing record itself at the time.

Currently, the diamond is back in the inventory at Sotheby's with a value of $72 million, which is the U.S. currency equivalent of the Swiss Franc purchase price.

“We are currently in discussions with the buyer while also considering other alternatives,” Sotheby's CFO Patrick McClymont said in a conference call with investors yesterday. “In the meantime, we are comfortable with our valuation and see real value in owning the diamond at this price.”

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