Cathy Schmitz
The newly-weds at their engagement.Cathy Lugner/Facebook

German Playboy model Cathy Schmitz has married Austrian construction billionaire Richard Lugner following a whirlwind romance.

The 24-year-old tied the knot with the mogul, who is 57 years her senior, in a lavish ceremony held at the Schönbrunn Palace, in Vienna.

Lugner is best known for inviting A-list women including Raquel Welch, Pamela Anderson, Paris Hilton and most recently, Kim Kardashian to accompany him to the annual Vienna Opera Ball.

Earlier this year, he made headlines after he branded Kardashian "annoying" for paying him little attention at the ball and refusing to dance with him.

Ahead of their nuptials, Lugner, who has been married four times before, told online newspaper The Local he had finally found the woman of his dreams in Schmitz.

"Apart from the big age difference everything fits. Of course I argued less when I was alone, but a man needs a partner," he gushed.

"Hopefully, this time it's the right thing."

The newlyweds started dating in February and got engaged in August after the 81-year-old magnate popped the question.

Schmitz worked as an official Playboy Bunny at the Playboy Club in Cologne before landing the cover of German Playboy in 2013.

Announcing her wedding on Facebook, she said: "In love, engaged, married!" along with a picture of her wedding ring.

She later described her big day as "an incredible and unforgettable experience".