He is breeding the dogs after their numbers dwindled after the Yushu earthquake last year, which is believed to have wiped almost 90% of the breed. Following this event, Lai wanted to make sure that the breed did not die out and explained:

“We practically scoured the world in search of the best possible 100 per cent pure breed Tibetan Mastiffs, in order to kick start this plan.”

“This eventually resulted in the procurement of nine of these magnificent animals, valued at approximately £3.2 million.”

“Over the last three years or so, we faced much trials and tribulations in raising, feeding, grooming, caring and in the overall maintenance of these dogs.”

“It was a tough learning curve for the group but this has led to an in-depth understanding of the behaviours and challenges faced, in nurturing this species.”

“We now pride ourselves as having the largest number of 100 per cent pure breed Tibetan Mastiffs anywhere in the world.”

“Based on the latest market value paid, our 30 furry friends are now valued at well over £8 million.”

It is thought that there are only around 300 Tibetan mastiffs in the UK. There has however been a huge increase in demand for these dogs with a Chinese man spending £945,000 on an 11 month old mastiff in March.

Caroline Kisko Kennel Club’s communication directos said:

“Tibetan Mastiffs can make great family pets with their calm and patient yet protective nature and it’s great to see them being viewed so favourably.”

Hong Dong – or ‘Big Splash’ in English – is just under a year old but already tips the scales at over 180lbs and is three feet high from shoulder to ground. The hefty pup also sports a bright red coat.

The specifics of the sale are highly confidential, but it is reported that Big Splash’s new owner is a multi-millionaire Chinese coal baron, who forked out 10 million Yuan – the equivalent of £1 million.

Lu Liang, a dog breeder who bred the wallet-busting pup, declared that he was “a perfect specimen”. He said:

“He has excellent genes and will be a good breeding dog. When I started in this business, ten years ago, I never thought we would see such a price.”

Tibetan Mastiffs are said to be ferocious guard dogs, and have been used by nomadic tribes to protect camps and monasteries in Tibet for hundreds of years. Some experts think that they are one of the most antiquated breeds of dog in the world, and it is said that Buddha and Genghis Khan kept them.

They have enjoyed a recent resurgence to become a highly prized symbol of status, and although they are thought by many to be a purely ‘Chinese’ breed, their rarity outside of Tibet has driven prices up from 5,000 Yuan (£470) a mere five years ago.

Big Splash is already used to the high life – he has been fed a diet of beef, chicken and Chinese delicacies such as abalone and sea cucumber. Mr Lu even thinks that his new owner could make his money back within a few years by using him as a stud dog at 100,000 Yuan (£9,500) a time.

Before Big Splash’s sale, the most expensive dog in the world was also a Tibetan Mastiff.

The prize dog is called Yangtze River Number Two, is 18 months old and stands 31 inches (80 cm) tall.  Apparently, a parade of 30 cars were sent to the airport in Shaanxi to collect Yangtze and a crowd gathered to meet him.

Earlier this year, a figure of $155,000 (£90k) was paid for Lancelot Encore, a clone from their pet Labrador retriever Lancelot but if proved to be correct, this Tibetan mastiff will now take the world title.

It used to be that owning a dog was condemned in China as a ‘bourgeois folly’ but nowadays many own dogs as a sign of wealth and luxury and in Shanghai alone there are 150,000 registered dogs.

Naturally, with such a high price tag, there are several rumours circulating about the purchase.

One story says that the Chinese lady, Mrs Wang, was travelling with her own Tibetan mastiff to Yushu to mate it with another dog in the area but whilst there, she spotted a dog called White Root and straight away declared she had to have him.

Another story says the lady had been searching for her ideal Tibetan mastiff for years and was determined that this dog was it.

She is reported to have said of the price tag:

“Gold has a price, but this Tibetan mastiff doesn’t”

Before returning home, Mrs Wang is said to have informed her wealthy friends at home how much she had paid for the canine and when they would arrive together.  To support her, the wealthy friends sent their limousines to the airports and arranged for welcoming banners to be displayed by fellow dog lovers at the airport.  At the sight of all the luxurious cars, the crowd mistakenly believed that a human celebrity was about to arrive.

Some have even suggested that Mrs Wang is set to buy her beloved Tibetan mastiff a 52 carat diamond dog collar called the Amour Amour that comes with a price tag of £1.08 million.

Such great spending is not unusual amongst the richest of China however, dog ownership is growing in such popularity there that authorities in Shanghair are reportedly thinking of banning dogs altogether from a number of public places and in Guangzhou where the 2010 Asian Games are to be hosted a one dog policy is already in place.