What's the most overrated or overpriced piece of equipment you own, have owned or come by?

My very first set of speakers, inexpensive Infinity towers (circa 1985) was unbearably bright--I wasted time & money trying to tame it. But from this came a key audio realization: know the sound you favor and build around it. I learned I favor deep, rich bass, expansive mid-bass, and pure midrange, and dislike bright, "revealing" highs. Now I know...

Ok, I own it, I use it but pound for pound for what it does and what components comprise its makeup...it is the most overpriced piece of gear I have....

my Okki Nokki record cleaner

I'm also disappointed with almost all my audiophile purchases. Being selling all of them off slowly and switching to cheap pro audio gears.

I owned Bose 901 speakers for many years. I enjoyed them and experienced many hours of musical pleasure listening to them. They do not compete with truly accomplished speakers, but they are far from the disasters that they are often made out to be.

My biggest mistake was selling my Klipsch active SP-1 Speakers (free). And then I bought a new pair of Klipsch RP-280F. For €1000,-  $1140. The sound is better. Especially in the bass departement. My girlfriend hates the bigger look of the new speakers compared to the old ones. And for that amount of money i could easily have something better 2nd hand. A good friend payed $570 - €500 for a pair of Neat Acousitc Elite SE. No ear fatigue, great PRAT, WAF friendly, good treble. Damn i should have kept that money in my pocket for something like that at least.

Also another good friend didn't hear too much difference between my old and new speakers :(