Rare 'Pink Star' Diamond Sold For $71.2M

HONG KONG, Japan (CBS) -- A massive diamond known as the 'Pink Star' diamond has sold at auction in Hong Kong for $71.2 million.

According to the Sotheby's auction house, the diamond, nearly 60 carats, was sold to a client who phoned in a bid.

Forbes magazine reports that the buyer was a Hong Kong-based jewelry retailer who was bidding against two other phone bidders.

This isn't the first time Sotheby's has tried to sell the "Pink Star."

Back in 2013, it sold for $83 million, but the buyer defaulted on the deal.