This is terrible. How dare whoever did that abuse the guitar. How could you destroy something so beautiful? Maybe just throw some stickers over her and somebody will give her the love that she needs. She deserves an owner that will play her and treat her right.
In my opinion it would be a fantastic buy at $350. I could take that finish off, fill in the the wood damage, paint it a solid color, and clear it with nitro for less than $50.
$400 is mighty cheap for a LP....even if it is a refin.
I LIVE for deals like this but I have a tele project I havent even started on yet.