It's eBay for the rich and famous

Millionaires down on their luck now have their own version of eBay a website called BillionaireXchange over which they can sell their mega-yachts, super cars and family jewels.

Millionaires down on their luck now have their own version of eBay a website called BillionaireXchange over which they can sell their mega-yachts, super cars and family jewels.

The Internet auction site devoted to millionaires launches this week and is likely to profit from the worst recession in decades.

The company said it had already played a role in the saleu00a0 of more than $180 million (Rs 836 crore) in assets during a 10-month test phase, and had noticed a trend of distressed transactions from US clients.

"I would say that in the US market that's probably the majority of the types of the transactions that we're seeing right now," said Quintin Thompson, co-founder and executive partner of BillionaireXchange

Luxury No More: The downturn has forced millionaires, including athletes and A-list actors, to trade their luxury items.

"Because of the current economic conditions we're seeing a lot of people who need to actually trade out from some of their luxury items discreetly so that they don't have to deal with the shame of downgrade."

According to Thompson, the firm counts among its clients professional athletes and A-list actors. It claims more than 26,000 multi-millionaires as its members.