It's most likely been set there to put off anyone from buying it whilst they have none in stock.
I think it's more likely that it's a result of their automatic pricing gone a bit haywire. I'd think that if the item was out of stock, it would automatically be marked as none available, not change the price to some huge number because you don't think anyone will pay that price. The link above does a pretty good job of explaining how their automatic pricing adjustments can get out of control.