Sotheby's takes huge diamond back after default

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Associated Press

Posted on February 28, 2014 at 3:01 PM

Updated Friday, Feb 28 at 3:02 PM

NEW YORK (AP) — Sotheby's says an enormous diamond known as "The Pink Star" is back in its possession after the buyer couldn't pay for the jewel and defaulted.

New York-based diamond cutter Isaac Wolf set auction history in November when he agreed to pay more than $83 million for the diamond, outbidding three others.

But Sotheby's told investors in a conference call Thursday that the buyer had defaulted and the auction house has added the diamond back to its inventory at a value of $72 million.

Sotheby's said it is currently in talks with the buyer, while considering other alternatives.

Efforts to locate Wolf for comment were unsuccessful. He had renamed the diamond "The Pink Dream" after the auction.

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