A Hong Kong real estate tycoon has paid the highest amount ever for a work by pop art icon Andy Warhol, with the purchase of a portrait of Mao Zedong for 17.4 million dollars at auction in New York.

Self-made billionaire Joseph Lau, who holds a majority stake in Chinese Estates Holdings, was named by Christie's as the buyer of "Mao", a 1972 work featuring the late Chinese leader in familiar pose against a pale blue background.

The flamboyant playboy socialite, 54, has a fortune estimated by Forbes this year of 1.7 billion US dollars. His name has also been linked to several local actresses.

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