Calling this item "pricey" is an understatement.

Mary-Kate and Ashley Olsen have designed a $55,000 bag for their fashion line, The Row. Yes, you read that right. $55,000.

Only 12 of the black patent crocodile leather backpacks were made, and each had different adornments – like the prescription pills that cover this one!

Artist Damien Hirst helped the twins shape the controversial creation, which will be released on Dec. 12 — and a portion of their hefty price tag will be donated to UNICEF.

The 26-year-olds have had a successful year with their bags so far, selling out a $39,000 alligator purse in July.

"[It was] the first thing that sold off the shelf," Ashley says about their summer sale.

What do you think of their new bag? Is it glamorous or over-the-top? Sound off in comments!