With shipping, it comes out to be $14.15 for me. That's way too much for me since my pads are still in perfect condition :(
For those of you looking for a felt/fabric type replacement pad, the turtle beach x11 pads seem to fit the m50s perfectly. see here: http://www.head-fi.org/forum/thread/537220/have-turtlebeaches-and-m50s-try-it. and for only $2 a pad, they are really cheap. I would have tried it but I just sold my m50s so I cannot comment on how it affects sound.