The idea is of Mr. Mordechai Regev, a Breslev Chossid who started by selling replicas of Rabi Nachman's Chair from the original which sits in the Me'ah Shearim. That replica sold for $2000 and many Brelev Chassidim purchased it.
Following his success, Mr. Regev proceeded to create a replica of the chair of the Lubavitcher Rebbe, and he plans on selling it to Lubavitchers around the world, and to individual Chabad Chassidim.
The chair he replicated is the one the Rebbe sat on since 5748, and after measuring the exact dimensions he contacted professional sculptors in Australia who will do the wood carving. The chair will be sold for $770.