The actual value is whatever price people are willing to pay for it, and apparently, there are people willing to squander millions on it. Cubic zirconia is just as pretty as a diamond... but people get diamonds because they are a status symbol, and not necessarily for their beauty... and the perl is a pretty big status symbol.
But nobody would know that's a pearl if you don't tell them. It's a really stupid status symbol, is what I'm saying. I know the appeal of gems as much as any other woman, and yes, big and flashy is one part of it, but the main thing about gems is that you're not supposed to have to tell people what the heck they are.
I'm sure there are plenty of people willing to squabble over this monstrosity, and that's fine, I just don't get it.