Hi kvschaik, you're listed as being in the States, could that be the problem? A quick google suggests they can be bought for less than $300 but perhaps these are questionable quality. Where are you in Australia? If you're after something a little more special we could do one for you bespoke.

Do you listen to music in your room or have a Television. We have the beautiful Oak speakers that would tie in well. You wouldn't put it above the headboard but you could wall mount them on either side of the bed,

Both can result in a great look but require a little bit of extra work than a regular upholstered bedhead (it definitely pays off)! You can find instructions and all the products you would need to make one right here: http://www.homeupholsterer.com.au/blog/how-to-make-an-upholstered-bedhead-designer-finish-at-a-bargain-price/ Best of luck!

I like the idea of using the top half for a coat rack - you can instantly visualise it. The bottom half - well - I am not too sure. As mentioned above Pinterest have some ideas, lots of conversions into daybeds, but you could also repurpose into a toybox, bar, coffee table, butchers block, sideboard, and desk. My guess is to look around your home and pinpoint what areas of your home could do with some improvement, or alternatively identify and existing problems and see whether this inspires you to come up with an unique solution, reusing the timber bedhead. Happy creating!