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yea 5-10m tops
He aint getting me lol. But then again if I am unfamiliar with a item or with the pricing then I wont buy it until I find out more info unless its from a person I trust. You and Palp have had bad deals in the past...why even buy anything from him? At least if you are wait until you confirm the price...either that or pass on it all together. Anyway...just an idea.
Just don't go out and do like him to someone else to try and make your money back. That kind of crap really screws the community. Most of the people on these boards know who the shady people are and they are marked as such. If you got got then you got to take it on the chin.
theres lots of them. its a very cool old item, and now that factions are gone people may pay a little more for them for sentimental reasons. rarity-wise i agree its worth about 5mil. used to be around 1-2m but demand has gone slightly up. just hold onto it, or throw it away if it only reminds you of a bad trade.