If was street legal/complete, a fair price would be about $5-5500k, i.e., KBB+50% of the value of the mods not including labor, adjusted for its over all condition(less for a beat up body/interior, more for a super clean body/interior), and for then adjusted for the current market.
Since it needs a possible transmission($1200 through Marlin), front & rear bumpers/marker lights(easy $500 for new oem parts), unknown what it would take to make it street legal, my first offer would be $3500, maybe less depending on how it drives, the condition of the engine, mileage, and what the interior looks like. It is a buyers market in a down economy, he can't expect to get what he paid for it. or what he put into it. This is exactly why I haven't restored a Toyota 4x4 for sale since mid '07, just can't make any money at it.
