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The Birkin bag that sold for more than $300,000

Newshub logoNewshub 13/06/2018 Newshub staff

a close up of a piece of paper © Provided by MediaWorks NZ Limited If you've ever felt bad about blowing your paycheque on a designer bag, this will make you feel better.

A 10-year-old white Himalaya Birkin has broken the European record for a bag sold at auction, when it went for £162,500 (NZ$310,062), beating the previous record of NZ$295,789.

The crocodile skin bag is encrusted with 450 diamonds and white gold, and fewer than 50 have been known to exist worldwide, The Daily Mail reports.

The bag costs just as much as the price of a decent-sized piece of land in Northland, or half the price of a house in Canterbury. You could even buy a 16-metre yacht and still have spare change.

So who would even consider paying this much for a bag? Rich A-list stars such as Victoria Beckham, Kim Kardashian, Beyonce and Mariah Carey are some potential customers.

The Daily Mail reports Victoria Beckham is rumoured have a collection of more than 100 Birkin bags worth a total of around $2.5 million.

The starting price for the most basic version of a bag is around $11,000, and even if you have the expenses, you will still be interviewed by waiting staff before joining a waiting list of several years.

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