yeah, that photo has been around since before the jag-stang was commercially released. it was printed in an old magazine before they were mass-produced, it was also originally on the old fender custom shop website under "Custom one-offs >>> Kurt Cobain"
it's a little different to his blue one... based on the photo and the fact that they still had it after he died, i'm guessing this is the prototype that the production version was based on. it's got a pearloid guard that doesn't match the lower horn on the body... his blue one had a plain white guard that matched up way better than ours do.
the original theory was that it's a japanese mustang guard, instead of a custom-cut one as on his sonic blue js, meaning fender were already cutting corners by jag-stang #2!
it was in a fender museum but i think i heard it's in Paul Allen's Experience Music museum in Seattle now, along with hendrix's woodstock strat.