For $50, yeah, it's definitely worth that. Looks to be in decent shape.

Is the tubing sticker on the seat tube a Columbus one? If so, this is a steal. If it's a Tullio sticker that's not as desirable, but still a deal at $50.

Edit: pretty sure that's a Columbus sticker. And I think the crankset is Campagnolo or Gipemme. If that's correct give the guy $50 and run.