He probably got that high because he outsourced all the wrench turning. Labor cost would be the only thing that would prop the costs up that much.
Being a "check book" mechanic can make an otherwise cost effctive ride (2 or 4 wheels) into a place where R.O.I is nigh immpossible.
Happens all the time in the auctions like Barett-Jackson and Mecum... pay for the restoration and get a free car. Good for the buyer, but a loss for the seller. At least the seller can see some percentage of his (I hate this term cuz it's not really) "investment", and get into his "next" project...(read that as money pit).
We all do this to an extent as a "Labor of Love" rather than a serious effort to make money on the project, and the projects DO pay us back in the satisfaction of creating, owning and enjoying our efforts.
The seller of the $32K Norton has actually done us a favor... He keeps people like Matt @ CNW and the like in business where we all can benefit. Heck, if there were no CNW ( or other like businesses) the Norton world would be much smaller and not be there to serve us the way we currently enjoy.
JD