Sitting on a goldmine: LA furniture designer buys 30s chair for $50: sells at ... trends now

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A Los Angeles-based furniture designer is celebrating after buying a leather chair for $50 on Facebook Marketplace - and then selling it for $85,000.

Justin Miller, 33, said he thought the Danish wingback chair, dating from the 1930s, was worth more than the sellers wanted, but he had no idea it would be worth 1,700 times the sale price.

'I make home content for TV and social media, so I spend a lot of time on Facebook Marketplace finding items for projects I am working on,' he told Newsweek.

'Whenever I find something that looks unique and well made, I will look up online to learn more about it.'

The brown chair was created by Danish designer Frits Henningsen.

'When I first saw the chair, I loved the color of leather, and I thought it had a really interesting shape, so I wanted to learn more about it,' Miller said.