Last summer my friend came to Madrid to visit me and spent a few days in Ibiza, then came back to Madrid to report his findings.
All the clubs that he went to were expensive. Around $50 Euros entrance and $10- $20 a drink on average. His hotel was $100 a night. Topless sunbathing and super fine women all over the beaches. Really crowded at the end of July. Many Germans, as that´s a very popular holiday destination for all Europeans, especially the "wealthy" Germans. You can easily tell who´s German because they all wear speedo´s :D
It´s true in the south of Spain too!
Anyway, overall, if you´re heading out to Ibiza, bring a credit card with a high limit