In a tough and exciting competition where 88 beauties battled it out for the coveted title, Olivia Culpo from the United States has been crowned Miss Universe 2012.

Miss Universe 2010, Ximena Navarrete, asked Culpo “What is something that you have done, that you will never do again?” Confidently, she answered, “First I'd like to start off by saying that every experience, no matter what it is, good or bad, you'll learn from it. That's just life.”

“But something I've done that I've probably regretted would be picking on my siblings growing up because you appreciate them so much more when you're older, you get closer with your family. Everybody fights with their siblings, right?! But I don't regret it," she added.

Elegant and poised Culpo looked excited and said, “I'm dreaming, it's a dream.” She claimed the title from last year’s winner Leila Lopes of Angola.

The 20-year-old cellist from Rhode Island was accompanied on stage by first runner-up Janine Tugonon of the Philippines and second runner up Miss Venezuela Irene Sofiá Esser Quintero.

Judges for the event were Cee Lo Green, Scott Disick, stylist Brad Goreski, Rock of Ages star Diego Boneta, Olympic gold medalist Kerri Walsh and former “America’s Next Top Model” panelist Nigel Barker.