Apple has spit out a pit in its iTunes App Store, a controversial $999.99 "glorified screensaver," but not before eight people bought it, Newsfactor.com reported on Friday.

The company on Thursday removed the "I Am Rich" application created by developer Armin Heinrich, who said that eight people had purchased it before it was taken off iTunes, Newsfactor.com reported. The buyers include six people from the United States and one each from France and Germany.

The app displays a glowing red gem on a user's iPhone screen for the sole purpose of proving to onlookers one is of the moneyed class. That's all it does.

But on Wednesday, when the app was present in the iTunes store, a little pop-up message told us "I Am Rich" is not available for sale to U.S. residents. Given the sorry state of the U.S. dollar, that might make sense.

Various blogs were able to get the official description, however, which reads in part: "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."

Wired.com reported Apple this week also removed two other applications from the iTunes store: Nullriver's NetShare, an application that turns your iPhone into a wireless modem, violating AT&T's Terms of Service agreement, and BoxOffice, which provides movie listings.

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• Click here to read more on this story from Wired.com.

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FOXNews.com's Paul Wagenseil contributed to this report.