$75 million cake sets price record

You've heard of $900 cupcakes and $34,000 puddings. But a birthday cake loaded with diamonds and hand-sculpted fondant just smashed the record for the most expensive dessert ever created.

Price tag: $75 million.

The decadent cake was created by British designer Debbie Wingham, who rose to fame when she crafted the world's most expensive dress for $17.7 million. The extravagant dessert was purchased by an unnamed buyer in the United Arab Emirates, who bought it for his daughter's joint birthday and engagement party.

The cake's price tag easily tops the previous record of $50 million.

Source: Adel Hanna from Studio 67

Wingham said the cake—a six-foot long depiction of a runway fashion show—weighs nearly 1,000 pounds, with more than 250 pounds of fondant and confectioneries.

It took more than 1,100 hours to make, since all of the tiny edible figurines were hand-sculpted with Wingham's couture clothing and accessories, including sunglasses and handbags.

But much of the value comes from the bling. The cake has 4,000 diamonds, including a 5.2-carat pink diamond, a 6.4-carat yellow diamond and 15 five-carat white diamonds. Those 17 stones alone are worth more than $45 million.

Source: Adel Hanna from Studio 67

The runway is also bedazzled with 400 one-carat and 73 three-carat white diamonds, along with 75 three-carat black diamonds.

And yes, it's also tasty. Wingham told CNBC that the front-row seating of the cake was done in "Madagascan vanilla bean with mascarpone cream and strawberry conserve," while the runway was done in "triple Belgium chocolate with chocolate ganache and chocolate truffle cream."

Now that's rich.

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