Bruce Lee Club in Hong Kong founded by fans of the legendary kung fu star will close on Sept 4 after 15 years of operation due to rising rent in one of the world's most expensive property markets.

This mini-museum and souvenir shop in Kowloon has action figures, toys, movies and memorabilia related to the martial arts icon.

It will hold an auction of its collection on Sept. 3 including a rare porcelain figure of Bruce Lee with an estimated market value of $HK100,000 ($12,900). Income from the auction will be used to cover expenses and redundancy pay.

The club said it aimed to "bring members from around the world together to express and exchange their feelings about Bruce Lee and to promote martial arts, philosophy and arts movies."

The shop had already cut its space by half to reduce costs, but was still unable to cover the rising rent.

Chairman W Wong said the shop that was in operation for 15 years was more like a venue for fans to meet rather than a profit-making business.