Update: The app has been removed from Apple's store - but not before the developer sold 8 copies and netted $6,000. More here.

While many of the apps in Apple's (AAPL) iPhone App Store are useful, some are utter crap. And the latest, spotted by John Gruber, is an insult to all the well-meaning developers that Apple made wait/are still waiting to get into the iPhone developer program.

Behold: "I Am Rich," a $999.99 app from Armin Heinrich, which just displays a red gem on the phone's screen -- nothing else.

"The red icon on your iPhone or iPod touch always reminds you (and others when you show it to them) that you were rich enough to afford this," the app's information page says in iTunes. "It's a work of art with no hidden function at all."

The upside for Apple: $300, or 30%, of all purchases. The downside: Good luck enforcing that "all sales final" policy on this scam.

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