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Black Pearl of Braavos is a traditional title or name born by a descendant of Bellegere Otherys, the first Black Pearl, a pirate queen who became a mistress of Aegon IV Targaryen. The eldest bastard daughter of King Aegon IV and Bellegere, Bellenora Otherys, became a courtesan under the same name. Bellenora's descendants became courtesans as well, each eventually bearing the name "Black Pearl".
Known Black Pearls (chronological order)
- Bellegere Otherys, the first Black Pearl, pirate, smuggler, and mistress of Aegon the Unworthy
- Bellenora Otherys, the second Black Pearl, Bellegere's daughter, a courtesan
- Bellonara Otherys, the previous Black Pearl, also a courtesan
- Bellegere Otherys, daughter of Bellonara, the current Black Pearl, also a courtesan
The first Black Pearl was a pirate queen. A Westerosi prince took her for a lover and got a daughter on her, who grew up to be a courtesan. Her own daughter followed her, and her daughter after her, until you get to this one.