Although identifier Z1 hints to a ferrite bead, it doesn't seem to make sense in this circuit. But without seeing the full picture, the circuit function isn't really clear. Understanding the function is the key to identify the component.
If you really measured the said impedance across Z1, it's obviously no ferrite bead, at least not a healthy one. Did you desolder the part for LCR measurement? May be it's broken, may be it's something completely different, e.g. a MOV chip.