Designed by German developer Armin Heinrich, the program did nothing but broadcast to the world the wealth of the owner. Once downloaded and activated, "I Am Rich" displayed 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 it seems that seven others -- five in the United States, one in Germany and one in France -- meant to actually buy the pricey program.
When another developer tried to spoof the "I Am Rich" app with a "poor man's version," Apple denied that one, too.
Submitted to Apple later in August, "I Am Poor" was intended to be the ultimate un-status symbol.
"It displays my artistic rendition of the poor college students standard meal -- ramen, mac & cheese, and tuna fish," Hardy Macia, the app's developer and owner of Canterbury, N.H.-based Catamount Software, wrote on his blog after getting Apple's rejection notice.
Apple told him it was turned down because it didn't contain any user-accessible functionality, he said.
Macia said he adapted the app in March so that it's now an E-Book of P.T. Barnum's "Art of Money Getting." But he's still waiting for word from Apple.
"Their process -- why they approve stuff and why they don't -- is really a black-box type of thing," he told ABCNews.com.
Still, Apple's vague process has not stopped Macia from trying, and failing, again. He learned in January that his game "Prohibition 2: Dope Wars" had also been rejected.
In the game, users pretend to be drug dealers in New York City trying to make as much money as possible in 30 days by trafficking illegal substances.
Macia said Apple rejected him because it violated the company's guidelines for developers.
In its Software Development Kit (SDK), it says that "Applications must not contain any obscene, pornographic, offensive or defamatory content or materials of any kind (text, graphics, images, photographs, etc.), or other content or materials that in Apple's reasonable judgment may be found objectionable by iPhone or iPod touch users."
But Macia told ABCnews.com that it's not like iTunes and the App Store don't contain any potentially offensive material. "The iTunes store has so many songs and movies about cocaine and killing people," he said.
And the number of farting applications easily exceeds 100, he added. "I find 137 farting applications objectionable," he said. "I find that a lot ruder than a game."
Macia went back to the drawing board, changed the name of the game to "Prohibition 1: Bootlegger," replaced the names of drugs with the names of alcohol and went back to Apple.
This time, the company approved it. Encouraged, Macia successfully submitted another game "Prohibition 3: Candy Wars," set in a future in which candy is illegal.
Since he'd scored with two games that were only cosmetically different from the original one that had been rejected, he tried once more. But, no such luck: It got the thumbs down again.
When an Iraqi journalist hurled his shoe at President George W. Bush during a news conference in December, he inspired a monument, a host of Web games and, of course, an iPhone app.