Our listing system essentially works like this:
If you want to list your domain for over $10k, then you have two options:
1. Order an appraisal
2. Email us, and when a domain is clearly worth more than $10k, and we can allow a higher listing price. We don't have any pre-set rules for defining what is clearly over $10k, but obvious candidates are one word .com's, decent one word .co.uk's, etc etc. I know this might sound a bit subjective, but if we didn't include this choice, it'd just seem we're forcing people to get appraisals!
We do this because if we did not, you'd see 80% of domains listed for sale above $10k, with many domains probably listed at $999,999, and that just doesn't reflect the market value of most domains. This way, domain owners will at least have a better idea of what a neutral party might think their domain is worth. After an appraisal or permission has been obtained, people are free to list their domain at whatever price they want, because we cannot after all set prices. It might sound a little contradictory, but it's the best solution we've come up with for now.
So, finally(!), to answer your question, I believe the owner ordered an appraisal, so he is now free to list the domain at whatever price he'd like. He won't sell it for $1.25 million, but he can try his best!
Ash