Yes it does exist, and that is a real photo of it in fact. Only one person has managed to buy it (his name is on that picture), but was unable to disclose where or who they got it from because they wished to remain annonymous. The card is ungradable, as it was never officially recognized by Nintendo, and I think the unofficial number of them out there is about a dozen, all allegedly held by Nintendo executives. The price I have heard and believe it sold for was $10 500, making it the most expensive Pokemon card but actually not the rarest, in terms of quantity; there are Trophy cards out there from Worlds of which there are only 3. Trophies are more accecible though, in that you can buy one if you really wanted to, but you can't really buy PR Raichu so it's rarer in that sense.