You know, this really isn't that rediculous. I'm sure everyone will just see the big figure and flip out. Think about it this way:
One reserved ticket to the show located within the first price tier - this would be an easy $100 on your own + ticketmaster charges, so you're looking at as much as $130 for just the single ticket in the first tier alone.
A meet and greet and personal photo taken with band member(s) - Hard to put a price on, but face it, you're not gonna get to just casually stroll into Halford after the show.
Private pre-show party to include food, music, trivia and a chance to win prizes - You will save a ton of money on food and drinks if you had any plans of buying any at the venue considering the rape-tastic charges.
Merchandise package - As long as this were to include a few solid items, it easily could be worth $50 if not more, considering a shirt itself will be $35.
Exclusive Judas Priest VIP T-shirt - Even if it is a lame design, it's priceless, and you won't find any band related shirt for under $20.
Exclusive Judas Priest VIP laminate and lanyard - Basically see above, it's a great suveneir.
It's really not bad at all for a die-hard fan. If this were Maiden, I would do it without missing a beat.