It says walnut in the technical specs, 14 x 14 x 20" high, so it doesn't seem to be misrepresented anywhere.
Maybe prices are just inflated where Im at, walnut is crazy expensive up here. I think I paid like 8.50 bd/ft for rough sawn 8/4. Slabs and blocks like that were even MORE expensive, and priced per unit instead of bd foot. That design isnt my cup of tea, but the value sure seems to be there?