Fair value for a Lister LR1?

[Apogee]

A friend of a friend has an LR1 that was left to him when his father passed away.  The engine has been stored in his dad's shop for more than 20 years and is in unknown condition.

The seller has not tried to start it and has no idea if it runs.  He has tried to hand crank it and it's not stuck.  He does not know anything further regarding its internal condition.  He does remember it running 20 years or so ago.

Tag says 4.5 HP @ 1800 RPM.  Didn't get the full serial number but am guessing at the LR series based on the pic and HP rating.

I offered him $200 for it.  He was told by somebody's brother that it could be worth as much as $1200 if restored and likely between $500 - $800 as is.  That seemed awfully rich to me for an engine in unknown condition that really isn't all that old or collectible.  I figured $350 for it if it ran seemed about right and $200 in unknown shape seemed fair.

What would be a reasonable value on something like this?  I was trying to be fair price-wise to both of us.

Thoughts?

Thanks,

Steve

[dieselgman]

Location has some impact on the valuation.. where is the little jewel at this time?

We pay $250 for core engines... they pretty much all get classified as core as long as they have not been recently run or have a known history. it is very common for these to become seized due to water entering the inlet and or exhaust ports... if this has happened the damages can be extensive and parts for the LR are a little difficult to source anymore.

Restored? If fully reconditioned it could be up to $2500 to the right buyer.

These are readily available in the U.K. and sell often well under 100GBP.

dieselgman

[Apogee]

Hi Gary,

It's in western Washington out near the coast.  Apparently it came out of a boat.

As I mentioned, it's not stuck but we have no known history.

Just looking for a fair value.  Was considering picking it up as something fun to play with.

Finding the parts to fully recondition as well as locating the "right buyer" to get that price would likely cost a fair amount and take a bit of time and luck imho.

Thanks,

Steve

[dieselgman]

He should sell it to you for the $350 if it will turn freely and makes compression. Otherwise, drop the price a little bit.

dieselgman

[Apogee]

Thanks for the info!

Steve

[veggie]

Apogee,

I just bought one in excellent condition for $200.
They are a great engine. Very durable and long lasting.
Parts are still available.
AND....it's a real Lister !

Connecting mine to a Leese alternator for battery bank charging.

veggie