The synthesis of an iridium complex bearing the unusual di-tert-butylheptanoylphosphine ligand is described. In exploring the chemistry of this complex, it was found that the acylphosphine ligand underwent facile transmetalation to silver in the presence of silver triflate. The result was the formation of a novel anionic iridium complex. The X-ray crystal structure revealed that the anion [Cp*Ir(OTf)3]p>鈭?/sup> acts as a chelating ligand for silver. The reactivity of this complex in the presence of small molecules is also described.