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Princess Olga Valerianovna Paley (2 December 1865 – 2 November 1929) was the morganatic second wife of Grand Duke Paul Alexandrovich of Russia.
She was born as Olga Karnovich in Saint Petersburg, the daughter of Valerian Karnovich and his wife, Olga Vasilyevna Meszaros. She married Erich Gerhard von Pistohlkors (1853–1935 Riga) in 1884, by whom she had four children:
She later began an affair with Grand Duke Paul Alexandrovich, causing a great society scandal, and had a child with him, Vladimir. Her marriage to Pistohlkors was terminated by divorce, and Paul asked permission from Tsar Nicholas II to marry Olga, but he refused.
In 1902, Paul married her morganatically, but the marriage was not approved, and she was given no titles. In 1904, Luitpold, Prince Regent of Bavaria granted Olga the title of Countess von Hohenfelsen. Nicholas II later acquiesced to the marriage and granted her the title of Princess Paley in 1915.
Olga and Paul had three children:
Olga left Russia in 1920 with her two daughters and went to Finland, after her son and her husband were executed by the revolutionary government. She died in exile in Paris on 2 November 1929, at the age of 64.