Thomas Gilbert Jr arrested after he barricaded himself in Manhattan home'

• Thomas Gilbert, 70, was allegedly shot in the head by Thomas Gilbert Jr, 30, at his $6,000-a-month Manhattan home
• Gilbert Sr founded $200million hedge fund Wainscott Capital in 2011
• Father and son were discussing 'differences in their relationship' before shooting, according to reports
• Gilbert Jr, who attended $50,000-a-year school, arrested on Sunday night after barricading himself in his Chelsea apartment
• NYPD have not named Gilbert Jr as a suspect and have not ruled out the possibility of suicide
• A friend told Today that Gilbert Jr had become 'volatile' in recent years

By Mia De Graaf For Dailymail.com and Louise Boyle

Published: 19:52 EST, 4 January 2015 | Updated: 10:15 EST, 5 January 2015

A Princeton graduate has been arrested after he allegedly executed his multimillionaire hedge-funder father at the family's Manhattan apartment on Sunday.

Thomas Gilbert Jr, 30, reportedly fled the scene and barricaded himself in his Chelsea apartment for seven hours after Thomas Gilbert Sr, 70, founder of $200 million hedge fund Wainscott Capital, was found with a single gunshot wound to the head.

The privately-educated Gilbert Jr allegedly slipped past the doorman and into his parents' home shortly before the attack at 3.30pm, then fled with his face covered by a hoodie a few minutes later.

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Hedge fund founder Thomas Gilbert, 70, (left) was allegedly shot in the head and killed by his 30-year-old son, Princeton graduate Tommy Gilbert (right) who was educated at $50,000-a-year Deerfield Academy

Police remove a body bag from the luxury Manhattan apartment building late on Sunday where a multimillionaire hedge-funder was found with a gunshot wound to the head

Tommy Gilbert Jr, pictured in March 2014, with fellow Princeton graduate Arielle Patrick, at the School of American Ballet's winter ball in New York

Society whirlwind: Tommy Gilbert, 30, a Princeton grad of undefined profession, is pictured at another benefit in November at the Hotel Americano, Chelsea, posing with Miss Winter's friend Maddie Haddon

According to the New York Post, Gilbert Sr, who also went to Princeton, was in the bedroom of his eighth-floor apartment when his son barged in.

The father and son were discussing 'differences in their relationship', according to The Wall Street Journal.

The son was seen walking out of the building in Manhattan's Turtle Bay area covering his face with his hoodie around 3.35pm, the New York Daily News reported.

Gilbert Sr's wife Shelley, 67, found her husband dead in their bedroom within minutes of the attack and called 911, police said. She was not home at the time of the attack.

She refused to comment as she left the building flanked by investigators.

Shelley Gilbert, 67, made the 911 call after finding her husband with a gunshot wound to the head

Police recovered a Glock 22 .40-caliber handgun from the scene.

At 10.30pm on Sunday, Gilbert Jr was arrested without incident at his ground-floor apartment in Chelsea after NYPD officers dressed in riot gear, chopped down the door and found him hiding inside.

He was taken to the 17th precinct in midtown.

Gilbert Jr was being questioned and has not been named a suspect, according to the NYPD.

Police have not ruled out the possibility of suicide prior to the coroner's report. A motive has not been released.

Gilbert Sr started Wainscott Capital in 2011, which is worth $200 million. He attended Princeton and Harvard Business School before a 40-year career on Wall Street.

According to Wainscott Capital's website, he had extensive knowledge of the stock market, private equity, real estate and the fixed income market.

His son, Tommy Gilbert Jr, attended The Buckley school on Manhattan's Upper East Side from kindergarten until eighth grade. Tuition costs around $35,000 a year.

He then went on to the $50,000-a-year Deerfield Academy in Western Massachusetts, which counts the King of Jordan and Prince of Jordan among its alumni.

After graduating from Deerfield in 2003, Gilbert Jr accepted a place at Princeton University where he graduated in 2009.

It was unclear what Gilbert Jr did for a living but he had been photographed at black-tie society events.

The 30-year-old was pictured in March 2014 at the School of American Ballet's winter ball with Arielle Patrick, a 2012 Princeton grad, child of Manhattan private schools and now a self-proclaimed PR director, who sources told the Daily Mail Online that he had dated.

Miss Patrick refused to confirm whether the pair had dated on Monday.

A friend told Today that the 30-year-old had become 'volatile' in recent years.

Police have detained Gilbert Jr after he allegedly barged into his father's bedroom with a gun. He was arrested on Sunday night at his home in Chelsea

Investigators escort a woman, believed to be the victim's wife, from the family's Manhattan home on Sunday

The family property is a $6,000-a-month rental apartment at 20 Beekman Place on 50th Street, a few blocks north of the United Nations.

The building's porter told the New York Daily News that Gilbert Sr was 'friendly,' 'very nice' and a 'gentleman'.

According to the paper, the son was spotted slipping past the doorman wearing a hoodie shortly before the attack.

'I immediately got a bad vibe,' the doorman told police, according to the Daily News. 'The kid got into the elevator before I got the chance to pick up the telephone.'

A neighbor, named as Bernard, said: 'Five minutes later he comes running out covering his face with a hoodie.'

Previously, Gilbert Sr owned a $10 million property in the Hamptons, which has since been sold. The 2.5 acre property has five bedrooms, four baths, a heated pool and screened in porch.

Police surrounded the family property, a $6,000-a-month rental, in midtown Manhattan on Sunday

Police said the fatal attack took place at the family apartment (pictured) in Manhattan's Turtle Bay area

Crime scene investigators with evidence bags enter the Gilbert family home in Manhattan on Sunday

The NYPD broke down the door of Gilbert Jr's West 18th St ground-floor apartment (pictured) to arrest the alleged gunman on Sunday night, hours after his father was found dead

Thomas Gilbert Sr, 70, was found with a gunshot wound to the head at 3.30pm in his Beekman Place home on the east side of Manhattan. His son was arrested seven hours later after barricading himself in his home on West 18th Street

Wainscott Capital avoided losses which plagued other hedge funds in October last year, gaining 1.65 per cent that month.

In an interview with FINalternatives, Gilbert Sr attributed the success to their moderate risk profile.

'We’re not trying to beat all of the biotech funds, we’re basically trying to avoid drawdowns,' he said.

Named in the annual Who's Who In America list for five years running (1999-2004), Gilbert Sr started his career with a seven-year stint at Loeb Partners Corporation as managing director.

Thomas Gilbert Sr owned this $10 million property in the Hamptons, which has since been sold

The 30-year-old went to Deerfield Academy in Massachusetts, which counts the King of Jordan as an alumnus