ok... I still think it's a lot..
After one year you have paid 12 x 299 = $3588
You will need to pay this every year!
Here in the Netherlands you can put a server (1U) in a datacenter for 15 euro per month (1 Mbit data transfer on a 100 Mbit pipe line and 8 IP's).
That is about $20 per month. So 12 x 20 = $240
The setup cost (only one time) is $130
For around $1000 US you can get a nice server, so total will be arround $1370. The next year you only have to pay the $240 (as the server is yours)
The people from the datacenter can (if needed) manage the server for you.