Phil Anschutz may be a billionaire several times over, but would he pay $20,000 for a Stetson cowboy hat, tooled leather boots and initialed silver belt buckle?

That's how much British tabloids said Qwest's founder spent on a cowboy outfit gift to Deputy U.K. Prime Minister John Prescott during his visit to Anschutz's Greeley-area ranch last summer.

That number was highly inflated. Anschutz actually paid $1,354 to buy Prescott a pair of jeans, a leather-bound notebook and spurs in addition to the belt, "off-the-rack" boots and Stetson, said Jim Monaghan, a spokesman for Anschutz.

The news of the presents, revealed by London's The Mail on Sunday, is the latest development in the weeklong hubbub following the disclosure of Prescott's previously unreported meetings with Anschutz. Anschutz's Millennium Dome entertainment project in London is among the contenders for a license for Britain's first Las Vegas-style casino.

While money is no object for the movie mogul, one Denver Western wear expert said Anschutz couldn't spend $20,000 - or the reported 11,000 pounds - on the cowboy accoutrements even if he tried.

"I think they put one too many zeros in that figure," said Steve Weil, owner of Denver Rockmount Ranch Wear Mfg. Co. The company's trademarked Western shirts have been worn by Eric Clapton, Robert Redford and Anschutz's family.

Weil said high-end cowboy hats rarely cost more than $500, a top-of-the-line belt bejeweled buckle might run $1,500 and few boots kick through the $750 barrier.

And Anschutz, he said, "never buys at the top of the market."

Anschutz has cultivated a reputation of being modest with his money, at least for his rarefied income bracket, by wearing a Timex watch and driving an older car.

The gifts created a stir in Britain because under the ministerial code "no minister should accept gifts, hospitality or services from anyone which would, or might appear to, place him or her under an obligation." Prescott has not registered the gifts yet.

This comes on top of the ongoing firestorm over Anschutz and Prescott's seven meetings from 2002 to 2005, which came to light this month.

Prescott has said he was right to meet repeatedly with Anschutz to discuss the Millennium Dome redevelopment project, which will create thousands of jobs and revive a desolate area.

He said he has no authority over the gambling license, which will be awarded later this year and that they never discussed a casino.