Hi sounds like you need a new motor control board. Very common on these machines to break...
You can order one from www.fitnessrepairparts.com or www.treadmilldoctor.com
Most likely it was a power surge that burnt it out, They are very sensitive. Did you have it plugged into a surge protector?
Well sometimes it can happen when electronics sit unused for a long period of time. These are low quality machines with cheap circuit boards in them. I have repaired thousands of them.
wow! thats the most expensive one i have ever heard of...
Is it more than 1 year old?
Ahh gotcha, well you can see if they still have parts at either of those sites, but being that old parts will be hard to come by
please rate my answer, thanks!