Best waste of money?

The iPhone 5 is available for sale on Ebay.in. Considering it’s not yet officially launched in India, this has to be a smuggled piece. Nonetheless, at Rs 54,250 for the cheapest option, it seems a tad bit steep to me!

iPhone 5 for sale on Ebay.in

I could think of a ton of better uses for this money. Would you spend 54k on a phone?