Well, Andy--last year I reported on one in significantly worse condition, been sitting since the 70s. Woman inherited from her father, nobody did anything to it. Missing many parts, mice attacked the seats, and I found little that could be salvaged. However she was thinking in the same range, myopic because of her incorrect perception of the 3-point star. The huge problem was that it could not be moved, and getting a flatbed or tow truck to its garage was impossible. My guess is it is still sitting, and she still thinks its worth some money above $10K.
Given that some people WANT to do their own work, as opposed to hiring a pro, this might be OK. Sure, money is better spent on one in good driving condition, but that is besides the point. They'll sell it, and somebody will enjoy a project...