Those stories are called "ticklers" and often are used to generate interest or advance orders for firearms in order to reassure the investors that the project is viable. My opinion is that it didn't generate enough interest, so the money didn't come through. That sounds like an awful lot of money for a relatively simple design. You can just about buy an original for that price, and there are better pistols available for less money.
Never try to educate someone who resists knowledge at all costs.
But what do I know?