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extravagance (n.)

1640s, "an extravagant act," from French extravagance, from Late Latin extravagantem (see extravagant). Specifically of wasteful spending from 1727. Meaning "quality of being extravagant" is from 1670s. Extravagancy, "a wandering," especially "a wandering from the usual course," is attested from c. 1600, now rare.

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Definitions of extravagance from WordNet

extravagance (n.)
the quality of exceeding the appropriate limits of decorum or probability or truth;
we were surprised by the extravagance of his description
Synonyms: extravagancy
extravagance (n.)
the trait of spending extravagantly;
Synonyms: prodigality / profligacy
extravagance (n.)
excessive spending;
Synonyms: prodigality / lavishness / highlife / high life
From wordnet.princeton.edu