We have developed an analytical method based on forward-modeling techniques to characterize the high-mass end of the red sequence (RS) galaxy population at redshift $z\sim0.55$, from the DR10 BOSS CMASS spectroscopic sample, which comprises $\sim600,000$ galaxies. The method, which follows an unbinned maximum likelihood approach, allows the deconvolution of the intrinsic CMASS colour-colour-magnitude distributions from photometric errors and selection effects. This procedure requires modeling the covariance matrix for the i-band magnitude, g-r colour and r-i colour using Stripe 82 multi-epoch data. Our results indicate that the error-deconvolved intrinsic RS distribution is consistent, within the photometric uncertainties, with a single point ($<0.05~{\rm{mag}}$) in the colour-colour plane at fixed magnitude, for a narrow redshift slice. We have computed the high-mass end ($^{0.55}M_i \lesssim -22$) of the $^{0.55}i$-band RS Luminosity Function (RS LF) in several redshift slices within the redshift range $0.52

27 pages, 20 figures, accepted for publication in MNRAS