Neiman Marcus offers the Michael by Michael Kors Women's Large Sophie Satchel in Surf Calf Leather for $278 with free shipping. Plus, coupon code "KDGIFT" grabs free gift wrapping. (New Legacy Boutique via Amazon offers it in Brown for the same price without gift wrapping.) That's the lowest total price we could find by $20. It measures 10"x12"x7" and features an adjustable buckled shoulder strap with a 19.5" drop, top zipper, exterior and interior zip pockets, and four interior open pockets.
Update: The price now drops to $222.40 in-cart.