$710 for This?

Christian Louboutin is selling this shoe for $710. It's a flat. You can't even see the red sole. The description reads:

Metallic leather thong sandal with rose embellishment and posted sling back.

Think CL is trying to tell us something?

UPDATE: The shoe was heavily discounted at the start of June when all the department stores were having huge sales. I think the price was down in the $400s somewhere. STILL way too much.