StephenG i say kill it... kill it with fire !!
Bwaahahaaa - it's not that bad. It reminds me of a short scale bass (Badged "President") i had last year. Needed a lot of TLC, but sounded pretty good.
I'm betting the body is a laminate like that President Bass. I reckon the pocket has compressed a little bit over time, so you'd want to shim it to get the action sorted.
I never did figure out where the President badge came from, one or two peeps reckoned it was from the Teisco/Kawai stable - though your's is missing the zero fret - the rest looks like it should be there
Here's something that looks similar : https://reverb.com/item/7005113-60s-teisco-kawai-electric-guitar-very-good-condition-and-original
I wouldn't get too excited by the $ price though - that's insane. I got 2k for the short scale bass - it was pretty playable once I'd put about 20hrs into the beastie (including re-potting the pickup, what a mess!).
I'll lowball you if no-one else wants it ?