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He's probably been told on a domain reseller's forum such as NamePros.com that it's worth that amount.
They actually ban users for criticizing a domain there. The site has affiliate links to domain registrars, so you have poor saps registering dozens of crap names a day then proudly listing them in threads asking how much they should demand for their 'portfolio', and similar saps telling them they are worth $$$$$. Some of these guys have a genuine addiction and it's the registrars and those forums who make money off of them.
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