Mary-Kate and Ashley Olsen teamed up with Damien Hirst on a collection of backpacks. Photo: Getty Images/ via Just One Eye

Mary Kate and Ashley Olsen could never be considered frugal or conservative.  Most celebrites these days spend more money on a shopping spree than most people make in an entire year.  It just goes to show how wasteful the rich and famous have become.  In utterly ridiculous and distasteful celebrity news, the Olsen twins have announced that their ultra-exclusive brand The Row has outdone themselves in the ridiculously overpriced handbag game.  They previously were pricing the plain crocodile skin backpack for a cool $40,000 but now in their quest to be even more ridiculous, have teamed up with designer Damien Hirst to create a super limited edition of the bag priced at $55,000!!!  What the.....

Via MTV.com

The actresses-turned-CFDA winners have debuted a brand new capsule collection of super luxe backpacks in conjunction with Damien Hirst. The Row designers and the contemporary artist collaborated on nine different styles of the carryall, embellishing the label's signature black patent Nile crocodile leather backpack with Hirst's quirky-cool designs. It's an awesome concept, sure, but just like all the other swoon-worthy pieces from The Row, the bad news is, it's gonna cost you. A lot. If you thought the Olsens wouldn't dare to top the $39,000 price tag on their other (controversial) backpack, think again...because they totally went there. The limited-edition collection of bags is listed at online design store Just One Eye for "price upon request." We called, and it retails for a cool $55,000. Gulp.

Although a portion of the sales go to UNICEF, we're still wrapping our heads around the insane price tag, and here's the thing: as crazy costly as the bag is, there are people who will buy it— after all, the label's alligator backpack sold out last season. But just to put the money into perspective, with that $55,000, you could instead buy a couple of cars, approximately 110 new iPads, 3, 055 bottles of Deborah Lippmann nail polish....  So there you have it: the super expensive backpack just got even pricier, making even the most wallet-busting pieces from Alexander Wang, Mulberry, and more seem like pocket change. 

 Other than the ridiculous price, many of these limited edition (and in my humble opinion UGLY) bags are adorned with pill appliques... What is the point of that? It's in such poor taste to release anything that is condoning or promoting drug use.  Pills have, in recent years, become many a person's drug of choice even killing one of the Olsen's close friends Heath Leger who died from an overdose of pills in 2008.

I really don't understand how or why anyone would want to purchase these bags.  Even if they were gorgeous and didn't promote prescription drug abuse, they are SO expensive and ridiculously overpriced.  I'm not saying it's wrong for anyone to want or have something nice but $55,000 for a purse?  That is beyond expensive.  That is more for 1 bag than so many people make in one year.  They justify the price by saying a "portion" goes to UNICEF yet they omit how large that portion going to charity is.  Whoever purchases these bags would benefit greatly from visiting a homeless shelter or visiting people left devastated by natural disasters or disease.  That money could go to so many other wonderful and helpful causes instead of an ugly handbag that is adorned with prescription drugs.

I personally could never spend a large amount of money on a handbag or shoes, it's just not my style.  I would rather spend my money on my son's tuition or on photography gear.  I just don't understand frivoloty of spending thousands of dollars on handbags like these.  What do you think? Worth it?  Not worth it?  I think it's so not worth it and such a bad message to send. Why adorn handbags with prescription drugs? What's the purpose in that?

Give me your feedback and take a look at these overpriced $55,000 bags after the jump.