Well it looks like a regular bike with the ski kit bolted on. Plus it looks like the tires will be on the ground too and maybe the builder was hoping for some kind of braking traction. (Um yeah, good luck with that.)
Wait scratch that, there is nothing "regular" about that steaming pile!
There are lots of custom machined parts hanging off that thing, what look could be custom air shocks on the skis and custom made skis, I'd consider 20K to be a pretty reasonable estimate considering the cost of fabrication alone, even if they have their own machine shop to cut all the metal the overhead is pretty expensive. Obviously you've never tried to prototype anything or you'd understand that even ugly prototypes that don't work cost lots of money.