This is the retail price. Maybe someone will buy it. It's just the suggested price from LV they think they can get. Yes, it seems ridiculous for what it is, but if someone takes that deal, it's what it's worth in the current market.
its cause they can. This was a very limited piece for the hong kong store that just opened, no? I'm sure plenty of people didn't mind shelling out the 50k for it at all. And I'm sure they are all gone.