That bike is going to cost more than the $500. There's a reserve, so it will probably be much higher than that.
Besides all that, the guy selling the bike has NO history with ebay, and he's out of the country. I wouldn't touch that bike with a stick if they offered up Lance Armstrong as a side dish for my personal desires.... pass this bike up.
My sister tried to get some recording equipment from a guy in England. He stiffed her, and she tried like crazy to get the money back (sent over a money order) or get the equipment. She didn't ever get either. She tried to get recourse through ebay, but they did nothing for her, just registered her complaint, did a bull crap, half @ssed investigation, and closed the case.
Not to say that folks in England are robbers- just that when folks are in other countries, I think you are taking a risk, especially if they don't have a history.
Sit it out man... sit it out!