Cavs owner Gilbert invests in sneaker valuation website

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Most basketball shoes retail for a few hundred bucks, but they can quickly hit the secondary market for thousands. It’s one of the most lucrative collector’s industries in the world, and Cavaliers owner Dan Gilbert wants in. That’s why he’s made an investment in Campless, a website that tracks sneaker values on the resale market.

Via ESPN.com’s Darren Rovell:

Campless.com, a website that tracks the resale value of sneakers, has received a “significant” investment from Cleveland Cavaliers owner Dan Gilbert’s venture capital firm, Detroit Venture Partners.

Financial details of the investment were not disclosed.

The website, established in 2012, takes public data from what Campless estimates to be a $6 billion sneaker resale market from sales on sites like eBay and crunches the numbers to establish the true value of the most popular athletic shoes. So far the site has analyzed more than 21 million auctions and tracked more than 1,750 of the most coveted sneakers.

It’s a smart investment, as shoes from players like LeBron James are always going to have immense value among collectors. In fact, the LeBron 4 “Fruity Pebbles” edition is one of the most expensive shoes on the market, according to Campless.

If you’re into shoes, this seems like a big deal. Some of them will still be way out of your price range, but at least you’ll have an easier way of knowing exactly how much.