The defender was pictured using the cash to, ahem, help him in his ablutions in a bathroom whose floor was covered in bundles of £20 notes.
The photograph was leaked to The Sun by a fan who had somehow got hold of the picture, and Ridgewell has said sorry to anyone he might have offended.
"The photo was taken in the privacy of my home around eight months ago as a joke to wind up a mate, who I had just won a personal bet with," the former Birmingham star explained to The Sun.
The 28-year-old - who earns £20,000-a-week with the high-flying Midlands club - was clearly mortified about his cheeky prank getting a far wider audience than intended, particularly given the paper's highly-inflammatory report about how his wages equate to the average annual salary in the Birmingham area.
"I only intended him to see the photo but now it's public, I can understand how it will be viewed. I am sorry for any offence it causes," he added.
The Sun do not seem inclined to accept his apology: the headline on their story labels Ridgewell "The vilest footballer in Britain".
Harmless prank that backfired or unforgivable arrogance from a pampered star? Have your say in the comments box below.