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An 11-month-old red Tibetan mastiff has become the world's most expensive dog after a Chinese coal baron bought the young pooch for a jaw-dropping $1.6 million.

An 11-month-old red Tibetan mastiff has become the world's most expensive dog after a Chinese coal baron bought the young pooch for a jaw-dropping $1.6 million.

The seller says the canine is named Big Splash, or Hong Dong in Chinese. The identity of the multimillionaire owner and when the sale took place remains under wraps.

Red Tibetan mastiffs are rarely found outside of Tibet and have become something of a status symbol for the nouveau riche.

The breeder, Lu Lian, described Big Splash as a "perfect specimen" and said the extravagant price tag was "completely justified."

"We have spent a lot of money raising this dog, and we have the salaries of plenty of staff to pay," Lian told London's The Telegraph, adding that the new owner could charge $16,000 each time Big Splash breeds with another dog.

Previously, the world's most expensive dog was another Tibetan mastiff named Yangtze River Number Two. That pup sold for roughly $600,000