The total cost of Arnold's California special election may top $300 million, according to this article. Gov. Schwarzenegger and his California Recovery Team have spent nearly $32.5 million, per the latest filings online, while the state teachers union has kicked in $55 million.
According to another article, total spending by "yes" and "no" campaigns is estimated at $220 million. Unions in California spent $100 million to defeat these initiatives.
I'm not sure if these numbers include the costs to each of the California counties for holding the special election.
Imagine something positive that could have been accomplished in California with $300 million . . .