I know what you mean! such weird price histories…
I’ve noticed a few funky ones.. this one comes to mind
http://www.sdlookup.com/MLS-100036524-12484_Heatherton_Ct_52_San_Diego_CA_92128
Price Reduced: 03/14/2011 from $269,900 to $260,000
Price Reduced: 02/12/2011 from $280,000 to $269,900
Price Increased: 12/13/2010 from $275,000 to $280,000
Price Reduced: 07/09/2010 from $289,900 to $275,000
reduced, increased, reduced, reduced = reality
It follows the same result as the one that you posted… it currently sits at a price LOWER than its original list price