Yes someone did buy such an expensive smartphone which is currently the worlds most expensive smartphone.
The iPhone 5 is encrusted with 600 stones out of which, 53 are housed in the Apple logo at the back. The casing of the phone is made up of 24 carat gold while the home button is encrusted by a 26 carat black diamond.
The device took 9 weeks to make and was ordered by a Chinese business man. Stuart Hughes, a Liverpool-based jeweller that created the phone also built a diamond iPhone 4, Platinum MacBook Air and Gold iPad 2.