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He named the creation the Dragon Dog in honor of the Chinese New Year, which this year celebrates the year of the dragon.
The dog is nestled in Japanese Kobe beef from hand-massaged cows that is seared in olive and truffle oils, lobster shreds and a picante sauce whose ingredients Mr. luv wouldn't disclose.
He said he intends to contact the Guinness Book of Records to unseat the previous most-expensive hot dog at New York's Serendipity restaurant, which sells for $69.
The release said the new hot dog would be a regular menu item and not a limited offer.