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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