Half metallic antiferromagnets (HMAFM) have been proposed theoretically long ago but have not been realized experimentally yet. Recently, a double perovskite compound, LaSrVMoO6, has been claimed to be an almost real HMAFM system. Here, we report detailed experimental and theoretical studies on this compound. Our results reveal that the compound is neither a half metal nor an ordered antiferromagnet. Most importantly, an unusual chemical fluctuation is observed locally, which finally accounts for all the electronic and magnetic properties of this compound.