But then I thought 747's were still in relatively decent demand?
Looks like it was due for it's second D-check, which would have cost between 1 and 2 million, and it got stored instead. Sat in the desert for 3 years, then got cut up for scrap. So I guess there's no demand for 747-400, even with low hours - airlines prefer 747-8 for passenger service, and the remaining -400 are mostly being used for freight.