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Neat 'antique' - as evidenced by the white wall tires and 'one shot' rope pull starter. $150 for that splitter and 700 in repair / replacement parts and you might have a splitter worth $500.
I have a similar vintage/size splitter that had a dead B&S;on it. Swapped it out with a 2hp electric off a rotted compressor and I have split 15 cord with it so far this year. It's probably not worth anywhere near $500 to anyone else though. I also probably wouldn't have messed with it if the splitter and motor weren't free.