I suppose that if you offer it for sale and someone actually buys it for that price, then it's "worth" that--at least on that particular occasion. My somewhat dated 8th edition of Flayderman puts it at $10,000 in excellent condition. Personally I agree with the "more money than sense" comment.
I have always liked 1911s, and having read the Bady book I knew that some were rare birds. Around 1972 I had just gotten in on the ground floor of my illustrious career and noticed an ad in the Shotgun News for a North American 1991 back in Michigan, priced at $1200. That was fairly big bucks in those days and I passed on it. As my finances improved, so did the asking price for the very rare North American pistols. The same Flayderman book now puts it at $14,000; they might be going higher now if and when they show up. Eventually I decided I was never going to nail one down and moved on. I have seen one real one and photos of a couple more. Supposedly fewer than 100 pre-production ones were made.
I once heard that Paul Harvey told the story of a bank robber in Canada who held up a bank with a 1911. He claimed that when he was arrested and the details known that the pistol itself was worth far more than his take from the bank. Sounds like it might well have been a North American!
Be that as it may, I always take a quick look at ANY 1911s I run across. Hope springs forever and all that sort of thing...