$200,000 to restore a car certainly isn't unheard of, spending it on a mid 60's Riv is. If you pay someone to do the work and it's a complete frame off nut and bolt deal, you'll be into it for over 1000 hours so you're already half way home and that's without materials, machine work, upholstery, chrome, etc. I can't imagine the previous owner was expecting to get anywhere near his money back, but then again being a senior member of the more money than brains club, maybe he was