New iPhone App "I Am Rich" Does Nothing, Costs $999

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[Get-Rich-Quick]
Apple recently pulled an application from their online store called, "I am rich". This $999 program users could download and install on their iPhone seemed to do nothing more than add a glowing red icon to their display. But this didn't stop 8 people from buying the application, including six people from the United States, one from Germany and one from France.

Eight iPhone owners have joined an elite clan: Their Apple gadget is running a program that cost nearly $1,000.

When the iPhone first hit the market in June 2007, those who paid the $499 entry price -- and signed the two-year AT&T contract -- owned a status symbol. A year later, we have the iPhone 3G, Apple's speedier, sleeker and, most important, less expensive smart phone, which introduced a section for downloading third-party applications. Now that the phone is affordable enough for a wider audience, a new status symbol has emerged: a seemingly useless application called I Am Rich.

Its function is exactly what the name implies: to alert people that you have money in the bank. I Am Rich was available for purchase from the phone's App Store for, get this, $999.99 -- the highest amount a developer can charge through the digital retailer, said Armin Heinrich, the program's developer. Once downloaded, it doesn't do much -- a red icon sits on the iPhone home screen like any other application, with the subtext "I Am Rich." Once activated, it treats the user to a large, glowing gem. That's about it. For a thousand dollars.

Apple apparently had some problems with I Am Rich. After initially approving it for distribution, the company has since removed it from the store. Heinrich, a German software developer, has yet to hear back from Apple concerning the removal. "I have no idea why they did it and am not aware of any violation of the rules to sell software on the App Store," Heinrich said in an e-mail with The Times today.

I Am Rich But Apple couldn't pull it down before curious aristocrats -- eight of them -- had purchased it. Six people from the United States, one from Germany and one from France dropped a grand for the gem in the first 24 hours it was available, Heinrich said. That's $5,600 in revenue for Heinrich and $2,400 for Apple, which collects 30% of each sale for "store upkeep."

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