'Bayou Billionaires' Star Blows Wad on Hairpiece

George Washington had one ... so did Frank Sinatra ... and now TMZ has learned the bald rich guy from "Bayou Billionaires" is also sporting a brand new skull rug.

It's just the latest purchase in a tidal wave of spending ... ever since Gerald Dowden and his family became overnight rich folk when a drilling company asked to drop four natural gas wells on their Louisiana property.

Family members tell us ... the wig purchase was a product of peer pressure from Gerald's kids ... who thought he'd look better with some fur on his melon.

TMZ spoke to Gerald’s wife Kitten Dowden who says she's NOT a fan of the new fake 'do ... telling us, "He wore it out to eat the other night at our favorite steakhouse and the waiter who always serves us thought I was there with another man!"

source: TMZ