Let's start with the good part: Apparently "90 percent or more" of the proceeds of these million-dollar, gold-plated mountain bikes (of which there will be 13) will go to charity. Which, if they sell for that much will mean something like $10 million. That's not bad. Of course, said charity is The Way to Happiness Foundation International, based on an L. Ron Hubbard book of the same name, so take that for what you will. Also, the release used the word EXTREME eight times in the first paragraph, which is kind of exciting.
As for the bike itself, it sure looks nice anyway. At the core is a Salsa Mukluk "fat bike" set up with a bunch of Salsa and Shimano parts. For comparison's sake, a kitted-out titanium Mukluk—this one is aluminum—will set you back $4,399. What does the extra $995,601 get you? Bling, mostly. Everything except the tires and the saddle (which is covered in alligator skin) is 24-karat gold electroplated by The House of Solid Gold, and the headbadge features six carats of black diamonds and 4.5 carats of "golden sapphires." (With 600 of the former and 500 of the latter, don't expect any giant gemstones.)
If a million dollars seems a bit excessive for that—it is. Not to mention things like disc brakes and cassettes were never meant to be gold plated, at least not on a functional bike. But that's not what this is supposed to be. And if the price isn't a deterrent, a little matter of gold flaking off the rotors shouldn't be either.