Limited edition bikes are worth whatever collector wants to bid/offer. $300 bucks sounds reasonable as probably it did not cost him more than that back in 1986
Owned a limited edition C'dale (believe model 1200) built earlier than BL. This series of bikes had all the tig welds hand-filed for a super clean fillet brazed look. Also was numbered on the top tube '13 out of 150' and was painted a special gorgeous light blue. 149 of the 150 bikes were in blue and one was black.
Got a decent price for it years later, but buyer was not overly interested in the limited edition, but that the bike fit properly and was in A-1 shape.