$999.99 I Am Rich app hits the App Store [Updated]

Described as “a work of art with no hidden function at all,” a new $999.99 iPhone application has appeared on the App Store. I Am Rich by Armin Heinrich does very little despite its exorbitant price tag, displaying a screen with a red jewel and an info button that can be clicked to show a “secret mantra” that “may help you to stay rich, healthy, and successful.” It is unclear why Apple chose to approve an application that costs so much and does so little, but I Am Rich may further elucidate the nature of Apple’s software review procedures.

Update: It appears the app has been pulled from the App Store.