You read correct, Tyra Banks wore a $50 000 dollar dress to enhance her appearance as a presenter at the 58th Emmy Awards. Leigh Grogan of Sacbee says:

As for presenter Tyra Banks, the Associated Press reported that she pretty much broke the fashion bank in a $50,000 George Chakra gown; the black lace, one-shoulder dress was entirely handmade. She finished the look with $3.5 million worth of glittery jewelry.

To be frank with you, I don't see why this dress cost as much as it did, since it's rather plain in my opinion, so as-seen-on-Oscar-night. But, certainly better than some of the dresses other nominees and guests were wearing, so I'll let this one be.

On the other hand, Go Fug Yourself does hate the way Tyra Banks is blending her wig to her forhead, and they are right on:

However, you're also a babe who's got loads of cash and more contacts in the hair-and-makeup world than the rest of us would make in twenty lifetimes. So why aren't the edges of your wig EVER EVER EVER properly blended into your forehead? It's not like you don't have the acreage up there, and we know you know that.

So, I guess that the 3.5 million dollar worth of diamonds on Tyra didn't stop people staring into her hairline.

And to top the more-money-than-any-of-us-will-ever-see extravaganza, let me inform you that every nominee got a consolidation gift basket worth $42 000, including jeans, hotel stays, chocolate, pearls, spa treatments and much much more. My only condolence is that the IRS is starting to consider generous gift bags as taxable income, so all those stars will have to pay taxes for getting gift bags. Maybe they could do some good with the goods they get: donate the same amount to charity? Or maybe the companies sponsoring the gift bags should give money to charity in the name of the stars. Either way, no taxes.