There are millions of people around the world with an incredible affinity towards dogs. But how many of them would spend almost two million dollars for a pup?

Agreed, purebred dogs are known to carry expensive tags, but to spend that kind of money on a dog was unheard of, even among the extremely wealthy.

The price might sound uncalled for, but not in China. Here, there is a premium breed of canine – one which is considered a symbol of status. The huge but adorable Tibetan Mastiff.

One of the breed’s pups has just been sold at a luxury pet fair in the eastern province of Zhejiang, for a princely price of 12 million yuan or about 1.95 million dollars. The Tibetan Mastiff puppy was purchased by a wealthy buyer, and is probably the most expensive dog sale in history, according to reports.

The pup was one year old and had a beautiful golden coat of fur. It weighed almost a hundred kilograms and was 31 inches tall. Its companion, another pup of the same breed, was sold for about half its price.

The buyer of the pricey pup at the Zhejiang expo was said to be a 56-year-old property developer from Qingdao who hopes to breed these mastiffs himself, according to the report.

The breeder of the expensive pup, Zhang Gengyun, had two Tibetan mastiff pups for sale. One was the 2 million dollar golden one, and the other was reddish in color.

He said that these dogs have “lion’s blood” and were mastiff pups of the highest quality. He added that pure Tibetan Mastiffs were rare and extremely hard to find, like the pandas of the country. This was why the quoted price was so high.

He was, nevertheless, sad that he had to sell the animals.

Tibetan mastiffs have descended from dogs that were used for the purpose of hunting by nomadic tribes in the regions of central Asia and Tibet. They are known to be an ancient canine breed, with long fur coats and huge manes that make them resemble lions. They are known for their loyal and protective instincts, and are sometimes ferocious in this regard. The fact that they are rare and huge in size has made them a prized possession among the growing wealthy classes in China. This has been responsible for the sharply increased prices.

Besides this factor, an industry expert says in a report that the exorbitant prices are due to insider agreements among breeders to boost the already valuable worth of these dogs. The breeders collectively exhort each other to increase prices, even when there is no sharing of the remuneration.