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Teen opens pawn shop for $16k sneakers

Reported by ninemsn
Tuesday, June 17, 2014
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A New York teenager has opened a pawn shop selling sneakers worth up to $16,000.

The younger entrepreneur, Chase Reed, 16, waits in line for hours to add to his collection of fresh sneaker designers, especially basketball shoes, and even gets them from fellow "investors" willing to sell short for quick cash.

One such investor sold a pair of LeBron Crown Jewels and two pairs of Jordans and used the thousands in profit to pay for a house move.

Those Crown Jewels are now commanding A$1490 at Chase's pawn shop — more than five times the $287 sticker price.

"I don't look at it like a business. It's what I do. It's what I breathe," Chase was quoted as saying.

His Harlem shop specialises in pawning high-end sneakers and pairs that are no longer being manufactured.

Demand for such shoes can propel their value exponentially compared to their initial retail price.

For example, a pair of Nike Air Yeezys (Kanye West's signature sneakers) are currently selling from $1810 to $15,971 on eBay.

01/11/2014 07:36Sydney, Australia. 1 November,2014
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