Who would pay $1,000 for an iPhone application?

Apparently, for some people, blinding bling and designer duds are too subtle.

Before Apple yanked the $999.99 "I Am Rich" iPhone application from its iTunes App Store, eight people had purchased the functionless application.  Designed by German developer Armin Heinrich, the program does a whole lot of nothing. Once downloaded and activated, the application displays a glowing, red "ruby" on the user's iPhone screen.

In its official App Store description, the developer wrote: "The red icon on your iPhone or iPod Touch always reminds you (and others when you show it to them) that you were able to afford this. … It's a work of art with no hidden function at all."

According to tech blog Valleywag, one curious patron accidentally downloaded the application, thinking it was a joke. But seven others -- five in the United States, one in Germany and one in France -- meant to buy the ridiculously pricey program.

Who knows if those seven spendthrifts were actually rich, but they certainly made Heinrich several thousand dollars richer.

--Ki Mae Heussner

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