While Apple did say that they were checking all the apps that were going to be in the Apps Store, this has to be the most funny cock-up that Apple has done since the MobileMe launch.

This application, known as the I Am Rich application, is basically an application for the iPod Touch and iPhone that displays a red gem.

And that’s about it.

It’s all about how rich you are - and that is basically what the description of the application says

However, the most ridiculous thing about the application is the price - it costs US$999.99, or $1,199.99 for the application.

The good thing is that Apple will get 30% off all purchases - which is US$300 for those who were stupid enough to buy the application in the first place. So, while you go get your bank to loan you that much money for a picture of a red gem; we will be covering more technology news, while sipping at our coffees and writing on other people’s Facebook Wall - because that is much better than covering this app.

Click on the Read More link to view the application in its entirety.