How Much is the First Spot in Line for the iPad 2 Worth? Apparently $900

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People wait in line outside Apple's Fifth Avenue store in NYC to purchase the iPad 2

REUTERS/Lucas Jackson

Is this a smart way to make a few (hundred) bucks, or a complete waste of time? You be the judge.

College student Amanda Foote arrived at Apple’s Fifth Avenue location in Manhattan on Wednesday at 5 p.m. to stand in line for the iPad 2, which was released on Friday. But Foote had no intention of actually purchasing the coveted device. Instead, she wanted to be the first in line so she could eventually sell her spot to someone with better things to do with their time.

After waiting for a total of 41 hours, many of which were spent getting drenched by a torrential downpour on Thursday, Foote sold her spot to app developer Hazem Sayed for $900, who was leaving for a business trip on Friday evening and wanted to show off his new purchase to his associates, who might not have as deep of pockets (the tablet’s pricing does start at $499, after all).

But this line-waiting is becoming big business, thanks to Apple and its addicted admirers. Mashable reports that Craigslist was swamped with offers ranging from $100 to $999 to wait in line for the iPad 2 this week, and when the iPhone 4 was released last June, line holders were being paid up to $1,200. Not too shabby for a couple days of doing absolutely nothing.

So what’s Foote planning to do with her cash? Buy much-needed groceries? Donate it to the Japan earthquake victims? Save it pay off her student loans? Of course not. She’s going to buy tickets to Lady Gaga. (via Mashable)