Leonardo DiCaprio has been in Cannes, but he hasn’t been photographed very much (if at all) this year. He doesn’t have any films opening at the film festival, but Leo likes to be in Cannes every year just for the parties. I’m sure he’s rented or borrowed a yacht and I’m sure that there’s a steady line of models, B-list actresses and assorted “others” in and out of that yacht. Leo wouldn’t miss Cannes for the world. Well, a few nights ago, Leo attended the Heart Fund’s Generous People Gala. The gala had a big charity auction, and wouldn’t you know? Leo was bidding on items right and left. He ended up winning a Chanel purse with a bid of $11,300 (it was a $10,000 purse). He won because he outbid Paris Hilton.

Leonardo DiCaprio: One. Paris Hilton: Zero. The actor, 40, and the heiress, 34, engaged in some haute haggling Monday evening at the Heart Fund’s Generous People Dinner Gala when they both bid on a pricey Chanel purse at the InterContinental Carlton Cannes.

A source tells PEOPLE that the Wolf of Wall Street star was indeed the victor after the friendly bidding war and walked away with the designer handbag, which was reportedly worth more than $10,000. (What a steal.) The sweetest part? DiCaprio snagged the bag for his mom, Irmelin.

But Hilton was anything but a sore loser. The generous duo stayed for the entire event, catching speeches, a musical performance by hip-hop artist Mos Def, a decadent dinner spread and all of the auctions.

“Paris was great. She bid on many things, and Leo did too,” the source says. “Both her and Leo were so active during the entire auction. It was really nice to see.”

Sporting a suit and his signature scruff, DiCaprio “was laughing and enjoying himself with his friends,” the onlooker says.

[From People]

Well… at least it was for charity? Yes, I’ll give them that. I think Leo is just that guy – he likes to drink, party, throw around money and be the King of the P-ssy Posse. But he does donate money to some worthy causes, and hey, at least he’ll give the purse to his mom. I would like it more if he gave the purse to Rihanna though. And if you were in a bidding war with Paris Hilton, wouldn’t you just give up? Wouldn’t you say, “Huh, if Paris and I are trying to get the same purse, the purse probably isn’t worth it”?

Photos courtesy of WENN.