Fellow Walletpop blogger Julie Tilsner recently shared that the construction of mega mansions has not been slowed with the economic downturn we have been experiencing. It seems that apparently those with loads of disposable income continue to have the means to purchase extravagant even preposterous products like the Chapter One, a $400,000 wristwatch! Other than the fancy display, the watch is rather bare bones featuring only the moon phase and the current day. The high cost apparently comes from the low number being made and the collaboration of three top watch designers.

If my bankroll permitted me to drop this much money on a watch, you could count on it having an Internet connection, remote control of my car and a personal concierge. I'm not in the position to advise the fabulously wealthy about how to spend their money, but honestly wouldn't you rather send some kid to college than wear the cost of med school on your wrist?

I can see a few mortgage companies picking these up for their executives who are jumping ship with golden parachutes. Maybe they can pay an extra $5,000 to have an extra One engraved so they can give Chapter 11 watches to celebrate the current state of the company!

Read about other preposterous products:

The Sen. Craig bobblefoot giveaway

Book helps parents explain to kids about Mom's boob job

Every day, WalletPop will be bringing you information about a fantastic freebie. Like what you see? Check back tomorrow for more!

Right in the middle of tennis season, the folks at Penn are giving away free Carabineer sports watches. Just visit this site, click the "free Carabineer sports watch" icon, and then enter the promo code "Penn".

It's always good to have a cheap watch for the gym, the beach, and the woods, if you're into that kind of thing. Even better than a cheap watch is, of course, a free watch.

Please leave a comment if you know of any other sites currently offering free watches -- this is the first one I've seen!

The Daily Deal for Sunday, April 20, 2008

Yes, the offer sounds too good to be true. Therefore it probably is. But it's splashed in true living color on the Internet and they say it's available to people like you and me. You may get a FREE Gucci hand bag and watch. Be warned though, I'm advised that the site has already been put under watch by McAfee as a source of possible excessive email spamming. That's the problem with these once in a lifetime internet offers. They're designed mainly to harvest email addresses, among other things.

To become eligible for the Gucci gifts, the offer is subject to the following conditions. First, you must take membership in a promotional purchasing program. You must register, provide a valid email address and provide a shipping address also. Then, you must complete what I interpret to be three surveys and six product promotions from sponsors of the offer. It sounds like a giant phishing scam to me, but hey, who am I to judge?

You must be 18 to apply and you'll be filling out a credit application (of course you will). The site page warns that failure to submit accurate registration will cause forfeit of your eligibility. By then however, they'll have enough information to purchase a house using your name. The site also disclaims any endorsement by the manufacturers of the products it offers. As if we might suspect that Gucci would have a hand in something like this.

One last note: This offer is not valid in Ohio. Do you think they might know something the rest of us don't?