Wouldn’t be surprised if Macho paid more than that when he originally bought it.
Bobby Heenan mentioned that Flair paid $8,000 + for some of his incredible robes.
My Grandmother was a seamstress, and I asked her about some of those wrestlers’ outfits.
A robe like Savage’s is made of several expensive and heavy fabrics. And sequins are the biggest pain in the ass because you have to sew each and every one BY HAND. Very tedious and time consuming, and most of Macho's robes were covered in them.
The fabric and labor really rack up the cost.