Personally I can see the high price if it was say a genuine nos or never used original frame and original paint.
Me personally money wise, the amount I would spend on a frame as above would always be higher than a respray as originality is as we know with retrobikes, is where the money is.
Ultimately like most things it is only worth what someone is prepared to pay for it and I'm sure the seller will be the happy with the selling price and the buyer will be happy with what looks like a very high quality respray on a good frame.