The application, called "I Am Rich," was developed to serve the purpose its name suggests - simply as a distinction that the user who purchased it is wealthy enough to do so! When activated, the app just shows a glowing red gem onscreen - that's it. $999.99 is apparently the highest amount a web developer can sell their applications for through the iPhone's App Store, otherwise we're sure the program's creator, Armin Heinrich, would have charged more!
Apple initially approved the app, but soon removed it from the store, but not before 8 rich suckers decided to download it! One user review of the app stated, "I saw this app with a few friends and we jokingly clicked 'buy' thinking it was a joke, to see what would happen...THIS IS NO JOKE...DO NOT BUY THIS APP AND APPLE PLEASE REMOVE THIS FROM THE APP STORE!" "I Am Rich" was most likely removed for just this reason - because users could have easily purchased it by mistake! Two of the six buyers have since had their purchases refunded by Apple, and Heinrich has gone on the record saying that he is glad because he did not want to collect money from people who purchased his app by accident.
You can read all about this weird story here.