A good rule of thumb is 30 gallon for one and 10 more gallons for each additional Blood Parrot. As with any fish, the bigger the tank the better.
The aquarium setup is one of the most important factors when discussing the care of blood parrots -- just like other aquarium fish species. Due to their large size, you'll want nothing smaller than a 50-gallon aquarium, bigger for more than one blood parrot. Use a soft substrate, such as sand, at the bottom of the tank. You'll also want to provide these sometimes shy cichlids with a variety of hiding places such as large rocks and bogwood. They also prefer live plants in the tank -- but use them in pots as the blood parrots may damage the root systems of your aquarium plants.
first of all the reason they have a high price is beacause they are a hybrid so don't think it is a rip off... most males aren't fertile... they are cool fish, I bought a small one for 10 dollars, they have better coloration than the small ones at petsmart and only cost a dollar more... I have 4 and 1 of the 4 is from that fish place and it is a cool fish... very intericative, curious, and they eat like pigs... they are very smart, once i fed too many pellets and they were sucked by the filter but they were on the caged filter tube and they were too big to get sucked in so one of my blood parrots was smart enlouf to pick the pellets off and eat them(my other blood parots helped eat them all)... very cool, courful, and curious fish...
They are usually considered more valuable than blood parrots.
Blood Parrot Care Sheet - Parrot Cichlid
Blood Parrot's can sometimes reach sizes up to 10 inches, so an adequate sized aquarium is a must. I recommend no less than 42 gallons (36Lx18Hx15xW) for 2-3 parrots. Anything smaller just will not do for an adult Parrot Cichlid. These fish need plenty of room to establish territories. Taller tanks don't really benefit Parrots because they tend to hide among the rocks and driftwood on the bottom. The bigger the tank the better. Once you get over a 55 gallon tank, one fish per 10 gallons should be sufficient room for each.The most common snail being sold in pet stores today is the apple snail. Apple snails can be put into a blood parrots tank with no problem due to its large hard shell. The blood parrot can’t possibly harm the snail. It is recommended to get a big apple snail, rather than a small one if you have a large blood parrot fish.Blood parrot tank mates are definitely a possibility, but you must choose the right fish to co-exist with your blood parrot. Most people will say “blood parrots are aggressive fish” and as much as that might be true, you can still house other fish with them. Just make sure to get fish that are peaceful, fast, and are in no way a threat to your blood parrot. Also, you are going to want to get fish that are bigger than the size of your blood parrots mouth. The truth is… if it can fit in your blood parrots mouth, it will be lunch!Blood parrots can live in species-only tanks, as well as with some New World cichlids, Old World cichlids and various other tropical fish species. Blood parrots are easygoing, shy cichlids, but they stick up for themselves against other fish. However, their oddly shaped mouths don't allow them to inflict any real damage to fish of equal or greater size. In general, tropical fish won't pair well with blood parrots if they're too big, too small or too aggressive.