There are a lot of projectors on the market ranging from 3D capable models to standard 2D models.
At the low end, the Epson 8350 is a great choice for about $1,200.
At the higher end, the Panasonic AE7000, Epson 5010, and JVC RS45 are all excellent choices.
Pair it with a good fixed screen like a Carada Criterion screen.
Then you will still need a surround system, which I assume is what the $1,500 is for.