What is a rusty '66 Formula S worth?

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Thanks for all of the opinions I really apprecaite the help. I really liked this car and really wanted to get this car but I thought it was too much money for the rust issues it has. I do believe it be a true Formual S and it seems to be complete. I don't think the seller will drop his price down enough, I think he's emotionally attached to it since it has been in the family since he can remember.
 
Love this photo.

I'm in the middle restoring a "rusty" 66 and I can tell you there wont be much of the original car left when I'm done.
Joe

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Ha! That photo above is mine! Its funny how a single guy can do stuff like this and not think anything about it. I have the front suspension on the floor in the formal living roomright in front of my jeeps hard top, isnt that what that room is for? closets are full of parts in boxes...... house is perfectly presentable.....Life is good!
 
Ha. I bought a 318/3 truck motor from a guy and he pulled it out of his master bedroom closet! He scooped it up onto a furniture dolly and rolled it out for me. Funny stuff. Another friend of mine has a dual quad tunnel ram with carbs and a bird catcher scoop for a centerpiece of his dining room table. He also has a front half of a harley mounted above his fireplace coming out of the wall like a mounted animal head, with working headlight.
 
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