That is a lot of work to have done and a lot of money spent to get it to its present condition. He is losing a lot of money to have had the "fun" with it. Really a quite unusual situation, but I wouldn't write it off if that is the car I was interested in. But there is clearly a lot of work left too, on a usually well optioned Le Baron model.
He had a lot of fun with it while losing tons of money. Wow I just can't see it despite all the "fun." I'm not a gambler at all but here I might have considered playing blackjack in Reno and possibly had a better chance of not losing my shirt.