Another update: iPhoto has now finished installing and I have an error message when trying to start it, see picture.
What's weird is, I am a registered developer, I have not searched for this app or been anywhere near my iMac today and I have not tried to re-sign the app using any software in order to troll the forum.
Could this be a sign that iPhoto is coming back or is this a strange-ity of the appstore, that the app I once had and used often has made its way back to me?
Also, I backup to my iMac and not to iCloud, if that helps. I do not have the app on my iPad 4th Gen that also runs iOS 8.1 beta 2