MiniInTheBox offers the Litchi PU Leather Cover for iPad in several colors (Ruby pictured) for $5.99 with free shipping. That's $6 off list and the lowest price we could find. It's compatible with most iPad models.

Note: This item ships from China and may take up to four weeks to arrive. Uncheck "Add Shipping Insurance to your order" during checkout to remove the 49-cent fee.