I got this one from some political debate; unfortunately no reference to it. I know the shuttle was a boondoggle; but I find it hard to believe it was really that outrageous.
On the other hand, the best attested reports for the per-launch cost of a Saturn yielded over a billion dollars in today's dollars, which is preposterous. (This currently comes up directly on the google search results page for $1.16 billion). I suspect the error is including the large development cost over a production run of only 13 payload-capable boosters with 2 unused. The shuttle's cost given by the same method yields 450 million which is not obviously out-of-range.
Here's a link for some more reasonable number's on Saturn V https://forum.nasaspaceflight.com/index.php?topic=6742.0 (yields $565 million per Saturn V; but also yields $200 million for the shuttle). Some of the other numbers on the same page are obviously wrong though so I take the whole thing with a huge grain of salt.