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Research has shown that, past a certain point, money does not actually increase a person's happiness. So if you are one of the ultra-rich, what are you supposed to do with all that extra cash? The answer for at least some of them is to spend it on some truly over-the-top luxury items.

It might not be practical, but it's fun to pretend to be one of the rich and famous for a little while. Consider which of these extravagant items you would buy if you had a few extra million to spend.

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Graff Diamonds Hallucination watch: $55 million

High-end watches are one of the more understated ways the ultra-rich can communicate their wealth. However, for those who are over subtlety, the Graff Diamonds Hallucination watch boasts eye-catching bling that cannot be missed. Created with 110 carats of multicolored rare diamonds, this watch is valued at around $55 million and was a personal project of Laurence Graff, the chairman of Graff Diamonds.

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1963 Ferrari 250 GTO: $70 million

Collecting classic cars is a popular hobby of millionaires, including celebrities like Jay Leno and Jerry Seinfeld. In their world, it's easy to quickly spend serious cash on the most sought-after vehicles. In 2018, WeatherTech founder and CEO David MacNeil did just that when he dropped a reported $70 million on a 1963 Ferrari 250 GTO. Thanks to that transaction, the Tour de France-winning car is likely the most expensive in the world.

The R.A.C. Tourist Trophy; Goodwood, August 24, 1963. Graham Hill in the Ferrari 250GTO through Fordwater. A really fantastic photograph. Klemantaski Collection / Getty Images
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Bluefin tuna, $3.1 million

Sushi fans know you get what you pay for. High-quality maki, nigiri, and sashimi can set diners back a pretty penny. However, in 2019, Japanese sushi restaurant owner Kiyoshi Kimura created a whole new category of expensive sushi when he paid a record-setting $3.1 million for a single fish. The giant bluefin tuna, which was sold at Tokyo's famed Toyosu fish market, weighed in at a whopping 608 pounds.

A bowl of raw tuna is served at a Japanese restaurant with miso soup and soy sauce. UT07 / Getty Images
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Antilia, Mumbai: $2 billion

Large, luxurious homes are expensive everywhere, but in sought-after areas, they can become insanely pricey. That explains why Antilia, located in crowded Mumbai, is the most expensive private residence in the world. The home of Indian billionaire Mukesh Ambani, the 27-story building, boasts over-the-top amenities, including an 80-seat theater, a 168-car garage, a ballroom, spa, and luxurious terraced gardens. Oh, and three helipads in case two just isn't enough. In 2014 the skyscraper-mansion is valued at around $2 billion.

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Manhattan parking spot: $1 million

Not only is New York City is one of the most important commercial and cultural centers in the world, it's also a must-see tourist destination. Each year, millions of visitors clog the already-crowded streets, particularly in the glitziest of the Five Boroughs, Manhattan. For those who inhabit luxurious Manhattan condos, a parking spot has become one of the ultimate status symbols. So desirable is this curb-side convenience that Manhattanites have paid $1 million for a single spot.

View on NYC special vertical cars parking area double deck metal construction.
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Leonardo da Vinci's Salvator Mundi: $450 million

Salvator Mundi, a portrait of Jesus Christ, had just the right mix of intrigue to generate a massive price tag. First, it was painted by Renaissance genius Leonardo da Vinci. Second, it mysteriously disappeared between 1763 and 1900, before collector Sir Charles Robinson purchased it. Third, it was auctioned off for only around $125 in today's money in 1958, leading to controversy about the painting's true value. When it reappeared at auction at Christie's in 2017, an anonymous purchaser snapped it up for $450,312,500, a new record price for an artwork.

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iPhone 4 Diamond Rose Edition by Stuart Hughes: $8 million

In 2010, British designer Stuart Hughes created a truly over-the-top iPhone 4 model. The 32GB handset was adorned with precious metals such as rose gold and platinum and bedecked with over 100 carats of diamonds, including a 7.4-carat pink diamond, which could be interchanged with an included 8-carat flawless diamond. Only two were ever made, ensuring exclusivity and making this phone even more valuable.

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Neiman Marcus Limited Edition Fighter: $11 million

Neiman Marcus originally priced its Limited Edition Fighter motorcycle at auction for $110,000, but an intense bidding war eventually led to a final purchase price of $11 million. Only 45 of these bikes were available, making this one of the most exclusive models in motorcycle history. Inspired by the concept "The Evolution of Machine," the eye-catching clockwork mechanism design made this motorcycle a true work of art.

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Wittelsbach-Graff diamond: $80 million

The Wittelsbach blue diamond was one of the largest in the world at over 35-carats. It originally came to Europe from India in the 17th-century, where it was worn by many royals and became part of the Austrian and Bavarian crown jewels. Diamond magnate Laurence Graff purchased the gem for $24.3 million at auction in 2008. He was criticized for recutting it, removing around 4-carats of weight, but he later sold the rechristened Wittelsbach-Graff diamond to the former emir of Qatar, Hamad bin Khalifa, for around $80 million.

£9m Historic Diamond Goes On Sale At Christie's Peter Macdiarmid / Getty Images
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History Supreme Yacht: $4.5 billion

At a value of $4.5 billion, the 100-foot History Supreme yacht is the crown jewel of luxury seagoing vessels. It was created by Stuart Hughes, a British designer known for creating luxury gadgets, and covered in platinum and gold finishes. The Malaysian man who paid the enormous price for the History Supreme chose to remain anonymous. However, since the purchase price puts it out of the reach of all but multi-billionaires, most speculate that the purchaser is likely Robert Kuok, the richest man in Malaysia.

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