It's worth about what you are paying.  Looks nice, is sturdy, and is packed for shipping very well.  It's a real stretch to call the fabric "velvet"... more like a velour, and very obviously synthetic.  You'll find raw- unhemmed edges where the fabric is not visible once the bed is assembled.  Happy with it, but for the next bedroom I do, I'll make an effort to find real cotton, or linen.