Super easy. That's an insane price tag.
A scarf for fabric , a plastic wide headband you can usually find in craft stores - try kids sections in Kmart type stores too, sometimes they have plastic bows but you can just take it off. Cut the scarf who or so inches longer than the headband. The best way I'd think to get the fabric in that shape would be doing random pleats at each end, then see or glue that into place in the band.
The rest of the scarf, possibly a bit of cardboard as well can be used as a lining.
There's loads of tutorials like this on pinterest , easy to blend them together to get the look you want.