The Porcelain House is one of Tianjin's most popular tourist attractions. [Photo/VCG]

A private museum known as the Porcelain House in the city of Tianjin is set to go under the hammer on August 8.

The old house decorated with more than 400 million pieces of ancient Chinese ceramic chips and over 13,000 ancient Chinese porcelain vases, plates and bowls, is set to be part of a debt auction, with an initial price being set at 140 million yuan.

Porcelain House is a French style villa with a history of over 100-years, located next to the house of legendary Chinese military figure Zhang Xueliang.

The Porcelain House, created by an antiques collector, has become one of Tianjin's most popular tourist attractions.

The museum itself is said to be valued at close to 10 billion yuan.