I have passed the word through my son that for $40.00 the bike is his. I know the kid doesn't have a lot of money and have also said that he can pay me over time or we'll work something out if need be. I haven't heard back yet, but I think I am being fair. Regardless, if he wants the bike, I'll make sure it happens.

Thanks to all. I appreciate the thoughts and input from everyone; this has turned into a nice thread about passing on a good/decent bike, fairness, hopefully inspiring a life long interest, and the teaching of responsibility.