The daughter of a Russian billionaire has broken New York real estate records by paying $88 million for a huge Manhattan apartment, Forbes magazine reported.

Yekaterina Rybolovleva, daughter of former fertilizer magnate Dmitry Rybolovlev, paid full asking price for the multiroom spread at 15 Central Park West.

This is a record for an individual transaction in a city renowned for pricey property. The record was previously owned by Sanford Weill, a former chairman of Citigroup.

The price also eclipses the $85 million another billionaire’s daughter, Petra Ecclestone, paid for the Spelling mansion in Los Angeles in June.

Forbes quoted a representative for Rybolovleva, 22, saying she had “signed a contract to purchase an apartment at 15 Central Park West…

Ms. Rybolovleva is currently studying at a US university. She plans to stay in the apartment when visiting New York.”

She is a resident of Monaco and has lived in the principality and in Switzerland for the last 15 years, the statement said.

Rybolovlev is one of the small group of Russians who became fabulously wealthy during the post-Soviet privatization of the economy and are known as oligarchs.

Source: AFPrelaxnews