Ekaterina Rybolovleva, the 22-year-old socialite daughter of Russian billionaire Dmitriy Rybolovlev, has purchased a New York apartment at 15 Central Park West for an astonishing $88 million.

The 6,744-sq-ft property was first listed by Citigroup chairman Sandy Weill in November, who promised to donate the proceeds of the sale to charity. He didn't have to wait long and Ekaterina immediately snapped up the apartment despite currently studying at an undisclosed university - she is planning to stay in her new home "when visiting New York", according to Forbes. A source close to the sale says she paid the full asking price of $88 million, setting a new record for the highest individual transaction in New York City history. The apartment itself boasts 10 rooms, including 4 bedrooms, a wraparound terrace and two wood burning fireplaces. Real estate boss Jonathan Miller told said, "This sale is an outlier. It works out to be about $13,000 per sq. foot, the highest on record, for anything, that has ever occurred". The transaction smashes the previous property record, set by investor Christopher Flowers who paid $53 million for a townhouse at 4 east 75th Street - however, he later resold the property for just $36 million.

Rybolovleva is the second billionaire heiress to make real estate headlines this year. Petra Ecclestone, the daughter of Formula One honcho Bernie Ecclestone, allegedly paid $85 million for a 56,500-sq-ft mansion previously owned by Candy Spelling, of Dynasty and Charlie's Angels fame.