NEW YORK - Police have taken into custody and are questioning a Princeton graduate for the shooting death of his multimillionaire father, founder of a hedge fund, at the family's luxurious Manhattan apartment on Sunday.

According to the Daily Mail, Thomas Gilbert Jr barricaded himself in his home for seven hours after Thomas Gilbert Sr, 70, realtor and chief investment officer of US$200 million (S$250 million) hedge fund Wainscott Capital, was killed with a single bullet. At 10.30pm, officers chopped down the door and took him into custody without incident, the Mail reported.

The 30-year-old was seen slipping past his father's doorman at 3:30pm, minutes before the attack during an argument, then fleeing with his face covered by a hoodie, according to US media reports.

Gilbert Sr, a graduate of Princeton and Harvard Business School, spent 40 years on Wall Street and formed his hedge fund in 2011, which focuses on the biotech and health-care industries.