If you think you pay too much for your apartment, house, or even a luxury car, imagine paying more than that for a single parking space. For some in Hong Kong, it’s worth it — and clearly they have the money to spare. A Hong Kong couple sold a parking space at Sun Hung Kai Properties’ Ultima apartment complex for HK$6 million (or about $760,000), setting a new world record. That’s $5,663 per square foot, and higher than the average price of a residential property in Hong Kong.

For a very small flat in the same neighborhood, the price is approximately $3,217 per square foot, which is just over half the cost of the parking space. For an apartment in the luxury complex itself, however, you should be prepared to shell out $12.5 million. “The residents have a lot of cash, and simply do not care about a few million dollars,” Sandia Lau, a director at Centaline Property Agency, said to the South China Morning Post. We don’t exactly think people willing to spend nearly $1 million on parking spaces are penny-pinching.

Strolling through the parking lot might feel a lot like strolling through an exotic car showroom. An unnamed representative for the complex revealed that residents tend to favor high-end European sports cars, such as Ferraris and Lamborghinis, and therefore place a high value on their parking spaces. A shortage of parking across the city has also driven the price of parking bays up rapidly, at a greater rate than even home prices.

With the setting of this new record, the Ultima complex is the world’s most expensive place to park your car. Remember that next time you complain about the $10 lot at the beach.

H/T: South China Morning Post