Update: Sold out.
Whitmor Garment & Drying Rack – Link 
You can currently pick this up from Amazon for only $5.26!
This normally sells for about $25 and is now of course the lowest it has ever been.
Note that this is an Add-on item which ships with a $25 Amazon order.
- Three extension arms
- Holds up to 36 garments
- Folds for storage