For all we know, the guy saved it from death by rust. (Admittedly, describing it as a ssssiiiiiiiiiiiiiccccckkkkkk bike makes me think otherwise, but let's not make too many assumptions).

In any case, as the fellow above points out; at least it's not getting thrown away. Paint is not such a big deal. Think of it this way: it's just a good excuse for you to take on a new restoration project.