A Los Angeles billionaire just bought the most expensive handbag ever

Experts weren’t kidding when they said Birkin bags were a better investment than gold!

An unnamed billionaire from Los Angeles has just purchased a Birkin bag through the reseller site Privé Porter for $298,000. This incredible price beats the $223,000 Birkin that sold in June at Christie’s, and is the most expensive handbag ever sold.

The bag is a rare shade of fire-engine red Hermès calls “braise” and has 10.08 carats of diamonds nestled in 171 grams of 18K white gold. It was manufactured in France in 2008 and purchased at the Hermès store in New York that same year for $160,000 by an investor. As we previously reported, this is a fairly common practice among bag collectors, who will buy a bag from Hermès and drop it off immediately at Christie’s or another reseller to try to garner a profit.

Jeffrey Berk, the founder of Privé Porter, acquired the bag in May last year and set the price at $360,000. He scheduled viewings of the bag on a yacht at the Fort Lauderdale International Boat Show in November 2015, and after two previous sales fell through he finally made a deal last week. The bag was delivered in an armored car to the buyer’s home in LA.

Privé Porter sells almost all of its bag via Instagram, and is on-track to sell $24 million worth of bags this year, according to The Wall Street Journal. The site pretty much only sells Hermès because, as Berk puts it, “no one is kicking down the door for Chanel.” Ouch.