Tough turds on him! If he doesn't send the item, he should be kicked off eBay. I've sold plenty of items for other people, and I always make sure they understand that they might not get what they think the item is worth. If he screws you, make sure you post his eBay name, in fact do so now, because I'd like to have a little "conversation" with him.
I smell the distinct oder of fish here....