I am going to guess from the comments that the colt had a really big conformational defect, and probably without the bloodlines could've dropped a 0 from the price. I didn't lay eyes on him besides his video but that pretty sure one look at that can probably lead you to what that defect might be.
I will add, plenty of horses with conformational defects go on to be nice horses but if I had $25-30k to spend on a yearling he would not be my choice, even with that pedigree.