The owner is on drugs. I would have said in the $1500 range too. It has rust issues but most of us are dealing with about the same. The inside of the bed is decent. I see a lot of sloppy work, like the scabbed together drag link, plus it has one of the least desirable Ford engines. Also when I see those blue scotch locks in the wiring, I see a red flag on anything that person wired in.
I.d look up several that have sold on ebay, not what they are asking but completed items, then armed with good information on fair value, go back and ask him what he has to base his value on, hopefully not the 70s Galaxy he parted out to get the engine, brake pedal and steering wheel from.