How it could be possible
The only think I can think of that caused it is there may have been excess 750GB HDDs in some OEMs warehouse, so they partitioned it to 500 GB and sold it in a lower tier package that claimed it had a 500 GB HDD inside.
I know if storage device >2TB are formatted as MBR the computer will treat it like it's only 2 TB. Format drives larger than 2 TB as GPT for full capacity. Maybe something similar is happening but with an older storage format? Again, no idea, pure speculation.
Those are the only logical reasons I can think of if what you say is in fact true. Did you check out what the HDD looked like in Disk Management before formatting? Did it have more than one partition? Was the 460 GB section just a 460 GB partition, or was that the full capacity of the drive?
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