Since this guy isn't limiting bids in any way from people with no feedback or without proof they have the money like most high priced Ebay auctions do, what is to stop someone from screwing up the whole process by creating themselves a hotmail account with bogus name & address, using that to create an ebay account, then putting in a $100K bid just to torpedo the auction?
Maybe he didn't know the amounts would go this high, but if I was him at this point I'd pull the auction and restart it, requiring some proof of ability and desire to pay before being permitted to bid. Getting $50K for this isn't going to help him at all if its to someone with 0 feedback, because you know damn well the bid won't be real.