"Unobtainable" Transmog Item, 80000 Gold Value (Patreon)

A talented young exploiter by the name of Biglron contacted me with the following interesting information:

 The exploit is quite simple, all you need is a level locked level 28  alliance character. go ahead and fly over to northern stranglethorn,  near the alliance camp. I found out that the Venture Co. goblins lurking  around the vicinity of the camp have a chance to drop the removed item  "Engineering gloves", which seem to be worth around 100k on my  particular server, as well as several different greys with high prices  among collectors, such as poison vials etc.
 

I was able to farm 2 of these engineering gloves in about an hour, I do  not think the droprate is as low as it says on WoWhead, though I may  just have gotten lucky. 

I checked out the location, did some farming, and did some research. I then responded to Biglron:

 Wowhead lists this publicly as a 0.01% chance from the venture co  tinkerers-this makes sense for an engineering item. You are correct that  this farm does not seem to be in the public domain-though any one  paying attention searching for this item on wowhead will see it is still  in-game.
The spawn rate for the tinkerers seems very low-2 minutes or something.
 

I'm not entirely sure about the mechanics involved with locking xp at 28  but I have heard this does have an impact and this may explain the  higher drop chance. Must try this with a twink. An apparent 1 in 1000  shot twice in an hour in what? 30 mobs? Yeah that sounds like more than  chance.
 

The most obvious thing you can do is significantly up the respawn rate  by making a class trial toon on a low pop server, flying them into  stranglethorn, setting up a custom group, joining that group with your  28 and then switching realms. 

Biglron then agreed to let me share this with Patreons. 

So, to summarize:

1) There is an item that is very widely (if not perhaps universally) believed to be unobtainable that does in fact still drop in-game, the "Engineering Gloves" http://www.wowhead.com/item=1659/engineering-gloves . My guess is that this item only drops from the Venture Co Tinkerer mobs http://www.wowhead.com/npc=677/venture-co-tinkerer , although I can't rule out Biglron's suggestion that it can drop from all goblins in the region.

2) This item sells for an average of 80K across all realms, note that Biglron's estimate of 100K is a slight exaggeration. 

3) Spawn rate can be enhanced by joining a group with a purpose-built class trial character on a low-pop realm. 

4) We do not know what the true drop rate is but it appears to be greater than the 0.01% listed on wowhead.