A racing pigeon named Bolt officially became the most expensive pigeon in the world earlier this week when a Chinese businessman bought him at auction for $400,000.

The pigeon, who is named after Olympic superstar Usain Bolt, sold at Belgium's Pipa auction house, according to the AP. The previous record price for a pigeon was $322,000.

Once in China, where pigeon-racing has boomed in recent years, Bolt won't even compete. He'll be used for breeding, the AP reports.

We reached out to the auction house for photos of Bolt. He's a nice-looking bird, but it's pretty hard to believe someone thought he was worth $400,000.