Well it is for my office / man cave. I have a 19" telco rack in the corner that has as switch, the mini and a box running proxmox running VMs (minecraft server, work testing VMs, etc.). My startup buys from IxSystems for all or our stuff so I hope to get a good discount. My current 4 bay I have had for 4 years and it just works. Also the support from IxSystems has been great. I have spent so much of my life build data centers and networks, et.al. that just paying for something that works has a great deal of appeal. In 1998-2001 the rack has a ton of systems, switches and routers, now I guess I would just trade $ to spend time with the family. If I am going to build anything it will be a new Ryzen gaming setup.
But if you aren't (or for others who might be reading this), that's a crazy price.
In case noise and idle power consumption aren't as big of an issue:
You can get a 12-bay Supermicro with two six-core CPUs + 48GB and 12 HDD bays for <$400 shipped: http://www.ebay.com/itm/2U-Supermicro-12-Bay-826TQ-R800-Serv...
Or the very popular SA120 DAS for <$300 to hang 12 bays off another machine (Dell R210II is quiet and cheap): http://www.ebay.com/itm/Lenovo-70F10000UX-THINKSERVER-SA120-...
(Random eBay links I found just now, have no affiliation with either of them)