In Wrath of the Lich King it is item level 238 and requires level 80. In MoP Classic it is item level 238, requires level 80 and sells to vendors for 1c.
Items Numbered Next to Furious Gladiator's Decapitator
Blizzard numbers items as they are created, so the named items next to ID 42318 (42313 to 42324) were usually added in the same batch as Furious Gladiator's Decapitator: the same quest line, zone, vendor or reward set.