A contraction of black and upscale. An African-American person who is well-educated, well-to-do, and classy. Alternately, an establishment that caters to African-Americans meeting these criteria.
"But in a film loaded with unlikely coincidences that would make Charles Dickens pee his inner linens with embarrassment, it's got to be the scene where the L.A. cop played by Matt Dillon arrives first at the scene of a car accident and must rescue a woman in an overturned SUV -- and it's the same bupscale beauty (Thandie Newton) he humiliated and molested, right in front of her husband, during a traffic stop a night or two earlier."
(from a review of "Crash" in Salon)