A slang term used to show that something is of extremely high class. Also used to show approval.
Snooty Country Club Woman 1: "My husband bought me three new jaguars and this new diamond ring after I threatened to divorce him and leave him with the kids. Do you like?"
Snooty Country Club Woman 2: "Oh, it's VERY expensive!"
Mexican Country Club Bus Boy: *grumble grumble* "fucking bitches."