After the Country and Western singer Dolly Parton, who famously said "It costs a lot of money to look this cheap", when asked about her appearance. Therefore something which has been Partoned has had a lot of money spent on it and the end result looks rubbish. Particularly house/interior renovations, but also applicable in other contexts.
That house has been Partoned out of all recognition.
When a company, business, corporation, or individual gives you a reward for your work by giving you cheap garbage. Rather than increasing your pay, give you a raise, or a bonus. After all why pay the team a $100 bonus for making the company a lot of money when they can spend $20 on Little Caesar's and keep the rest of the cash for themselves. No doubt you've worked for someone who has done this at least once.
Person 1: Doritos paid some kid $20,000 for a funny looking chip for good PR.
Person 2: Dang, instead of giving striking workers what they want they just pizza partied the entire corporation. If they are willing to pay 20k for good PR I wonder how much they're keeping from their employees?