Let's compare this to Trinity Force since it's the closest comparison.
1300+1050+1500 gold components (so a combine cost of 150). Honestly, this is pretty reasonable.
It gains 250 HP from nowhere. How and why?
It loses 150 mana from Sheen. No other item does this.
Loses 20 attack damage (40 from bf sword and 25 from cutlass).
CDR and lifesteal are fine.
Where the fuck is the crit from?
Same for the movement speed. There's no buildup or reason behind it, at least from an itemization standpoint.
1/2 damage from spellblade compared to Trinity force.
Active is exactly what cutlass has, making it weaker than all other upgrades both created and conceptualized.
All in all, it gains 666+400+225 (1291) gold worth of stats and subsequently loses 210+700 gold worth of stats (910). This item is completely worthless and has absolutely no reason for almost anyone to build it.