In Wrath of the Lich King it is item level 258 and requires level 80. In MoP Classic it is item level 258, requires level 80 and sells to vendors for 1c.
Items Numbered Next to Relentless Gladiator's Splitter
Blizzard numbers items as they are created, so the named items next to ID 48440 (48432 to 48447) were usually added in the same batch as Relentless Gladiator's Splitter: the same quest line, zone, vendor or reward set.