A Chinese businessman bought a Tibetan Mastiff puppy for $2 million this weekend, the most money anyone has ever spent on a dog.

Tibetan Mastiffs—known for being ferocious, loyal, and protective—are apparently a thing among Chinese millionaires. But sale prices generally tend to max out in the low six figures.

"They have a relatively short life expectancy and are not especially rare, so it's quite puzzling why they are fetching such a high price in China," the president of the American Tibetan Mastiff Association told the AP in 2010.

An "industry insider" told the AFP that many of the higher-priced sales are "just breeders hyping each other up, and no money actually changes hands."

The businessman told reporters he intended to use the dog for breeding.

[image via Getty]