Money is apparently not an issue for a 56-year-old Chinese businessman who disregarded a Tibetan Mastiff's price win a luxury pet fair held last Tuesday (March 18) in the eastern province of Zheijang, China.

The Tibetan Mastiff's price is 12 million Chinese yuan which equates to $1.9 million. The wealthy buyer is reportedly a property developer from Qingdao who is likewise hoping to become a breeder. As per dog breeder Zhang Gengyun, the Tibetan Mastiff price is hefty because "they have lion's blood and are top-of-the-range mastiff studs."

One of his Tibetan Mastiffs was likewise purchased for 6 million yuan. According to reports, Tibetan Mastiffs have become one of China's modern symbols of wealth. After all, only the rich and powerful can shell such amount of money for a dog which stands approximately 31 inches tall and weighs 200 pounds.

 "Pure Tibetan mastiffs are very rare, just like our nationally treasured pandas, so the prices are so high," added the breeder.

However, an unnamed insider believes that nothing is special about the lion-looking dog. According to the insider, the high prices can be attributed to the clever inside agreements of breeders to continuously boost the dog's worth.

 "A lot of the sky-high priced deals are just breeders hyping each other up, and no money actually changes hands," the insider said.

As per Dog Breed Info, the Tibetan Mastiff is "courageous, fearless, even-tempered, calm, and thoughtful. Very loyal to its own family. Tends to bark at night if left outside but will be quiet indoors. It is an outstanding flock guardian and is ferocious against wolves, leopards or any prey that try to approach its flock."