Madonna's handbag auctioned for half a million dollars! Also set to headline Michael Moore film fest.

MADONNA's Chanel handbag sold for almost half a million dollars at a charity auction at the Cannes Film Festival on Thursday (22May08). The pop superstar handed over the black alligator-skin diamond bag she had taken to the amFar Cinema Against Aids benefit in the French resort, complete with most of its contents, including lip gloss "that actually touched my lips"; lip balm; a mirror and throat lozenges. This is ridiculous. Stars really have it good!

She removed her two cell phones, insisting, "I'm not going to give up my Blackberry and phone because that's too expensive for you." But it still sold to a mystery buyer for a staggering $471,000, proving more valuable than even a smooch with silver screen idol George Clooney - which sold for $300,000. Actress Sharon Stone was one of the night's biggest givers, handing over a $100,000 personal donation and then auctioning her own vintage Porsche 911 Targa for $810,00. The event raised more than $10 million for amfAR's life-saving Aids research programs.

Meanwhile, Documentary maker MICHAEL MOORE has landed a big boost for his Traverse City Film Festival in Michigan - MADONNA's coming home for it.The pop superstar's I am Because We Are documentary, about Aids orphans in Malawi, will headline the alternative film festival in August (08). And the Material Girl will be there in person. Thrilled Moore says, "Madonna will present the film, watch it with the audience and conduct a question-and-answer session afterwards.

"It's a huge coup for the Film Festival, and for Traverse City." And the hard-hitting documentarian, who has taken the U.S. medical profession and President George W. Bush to task in his films, has nothing but praise for Madonna's new release, which recently premiered at the Cannes Film Festival in France. He adds, "She spent the past couple of years filming what the people go through, and the efforts to help them. I saw the film about a month ago. It's a fantastic, powerful movie." Madonna produced and narrated the documentary after travelling to Malawi, where she met toddler David Banda. She and husband Guy Ritchie are adopting the child.