“They have lion’s blood and are top-of-the-range mastiff studs,” said Zhang Gengyun, the dog's breeder. “Pure Tibetan mastiffs are very rare, just like our nationally treasured pandas, so the prices are so high."
The dogs are large and can be ferocious and fiercely loyal, the New York Post reported.
The pup the unnamed businessman purchased was 31 inches tall and about 200 pounds.
The dog is a popular breed for the newly wealthy in China, a status symbol move that has driven their prices up. One sold for $1.5 million in 2011 and there are reports another fetched $4.3 million last year.
An industry insider it's often the case that breeders drive the prices up on these transactions to boost the dogs worth, but that actually money never exchanges hands.
[New York Post]