In May 2001, the California investment banker Dennis Tito publicly squandered $20 million on the "vacation of a lifetime": a trip to the international space station (ISS) aboard the Russian spacecraft MIR. Enjoying what the New York Times called "the most offensively elitist form of eco-tourism yet devised by earthlings," Tito spent most of his time taking pictures and looking out the window of the Russian module.
NASA officials decided to ban space tourism until the space station was properly prepared for visitors and called Titanic director James Cameron "an American patriot" for agreeing to delay his request to follow Tito into orbit.
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squander
1. To spend wastefully or extravagantly; dissipate
2. To fail to take advantage of; lose a chance for
Synonyms: waste, blow, consume, dissipate, fritter, squander. These verbs mean to spend or expend without restraint and often to no avail:
WASTED my inheritance BLEW blew a fortune at the casino Time and money that was CONSUMED in legal costs DISSIPATED their energies in pointless argument FRITTERING away her entire allowance SQUANDERED squandered his talent on writing cheap novels
Source: The American Heritage® Dictionary of the English Language, Fourth Edition