You'd easily spend that much buying a suit off the rack. But be prepared to be spoiled. Once you're able to choose your fabric, lining color, style, etc., it's rather difficult to go back. It's like getting bumped up to first class on a plane and then having to go back to coach.
Wow, I'd never owned a suit that cost more than about $250, but granted, the suits I've worn over time are 10-15 years old now (and would still be worn if I still fit in them - darn middle-age spread) - been pricing things out, and it's looking like I'll be lucky to find anything less than $5-600. Yikes.
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