Stop me if you have had this nightmare before: A bearded flight attendant, wearing makeup, stockings and a red skirt walks onto your plane. When you look up from your in-flight magazine, your startled to see billionaire business mogul Richard Branson dressed in drag.

PerthNow.com reports that Branson dressed in drag Sunday after losing a bet to AirAsia CEO, Tony Fernandes. The Virgin Australia CEO had wagered that his Formula One team would defeat Fernandes’ team in the debut season of the 2010 Formula One Grand Prix in Abu Dhabi.

According to the newspaper, the stunt raised money for the Starlight Children’s Foundation in Australia. A grand total of $200,000 was raised from a variety of events, including a VIP party at Perth’s Bar One and AirAsia X donations for each seat sold on the flight from Perth to Kuala Lumpur.

“I’m a great believer in having fun,” Branson said, according to PerthNow.com. “If you lose a bet you’ve got to honor that bet.”

During the plane trip, Branson seemed to be having a lot of fun hamming it up as a flight attendant. His entrance onto the plane was reportedly accompanied by Aerosmith’s “Dude Looks Like a Lady.” While serving Fernandes a drink, Branson “tripped” and spilled all of it on the AirAsia CEO.

Branson is widely known as one of the most eccentric billionaires on the planet. Then again, if you had nearly $5 billion dollars who wouldn’t have some strange hobbies? Branson’s latest undertaking is Virgin Galactic, an attempt to dominate the commercial space flight market before any other billionaire can. Virgin Galactic’s SpaceShipTwo made history in April with its first ever rocket-powered test flight.

Check out Uproxx’s photo collection of Branson dressed in drag.

Is this stunt better for Virgin Australia’s brand and AirAsia’s brand? Should more business magnates act like this? Has Branson’s eccentricities helped make him a success? Share your thoughts in the comments section.