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The Spyglass Rim was previously obtained by completing the Scavenger Hunt event. After the event ended it became limited and tradeable.
As Spyglass is already quite an old and rare item by this point, it has gotten increasingly difficult to get this for only 250K. Most owners expect x2 250K items or a single 500K item for it, due to it being quite rare to come by one. Its also generally treated as a 500K add in bigger trades, despite currently being 250K.