I Love Money: The Perfect Celebreality Storm

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VH1 has officially announced I Love Money, a new reality competition series that will pit former Rock of Love, I Love New York and Flavor of Love contestants against one another for the chance to win $250,000.

Oh, yes, we'll get to see Pumkin (pictured) and Megan Hauserman in action again!

The show will premiere Sunday, July 13.

"I Love Money is the perfect 'Celebreality' storm as it takes the biggest, boldest and most outspoken characters from VH1's hit series and puts them on one giant show," said VH1 programming executive Jeff Olde.

He added:

"Our producers at 51 Minds have delivered hit after hit for VH1 by casting the most watercooler characters in the history of reality TV...We couldn't resist the opportunity to make those breakout characters the true stars of their own show."

And thank goodness for that!

The 12-episode series will be hosted by actor Craig J. Jackson.

Matt Richenthal is the Editor in Chief of TV Fanatic. Follow him on Twitter and on Google+.