Yeah, there is no way some of those parts are worth that much. $200 for the 1055? You can get the newest 8350 for $200. In CPU tasks it's faster then the 1055. And who spends new prices on used parts? Not to mention $225 for that case? While big, it has zero cable management. My HAF XM was $150, and make a system look great on the inside.
All that said it probably is worth $400. Mobo and CPU is probably worth $150 or so. Add another $50ish for the case. PSU is great so another $75 or so for that. I'm not knowledgeable about water cooling parts, but I could see another $100 for a complete system including rad, pump, etc. Add it all up and you are just...