A quick Google turns this up:
http://www.lespaulforum.com/slubarticle/2550/2550.html"According to the 2003 Vintage Guitar Price Guide, Les Paul 25/50s in excellent condition are selling in the $1,700-$2,200. price range. Since many 25/50s were purchased by collectors, there tend to be more available in excellent to mint condition that other Les Paul models of the same era."
Eight years later, and assuming that 30+ years sat unplayed in its case has left the guitar in mint condition, I'd say the eBay auction is overpriced by about £96-97,000. Of course, that's before you add in the NOS October 1988 Guitarist magazine that they're throwing in. ;)
