If you look at, be sure to check all components: headset, crank, derailleurs, hubs, skewers, seat post, etc. to see the branding and model (to make sure it is not a Frankenbike). I bought a Miyata Frankenbike (at the right price, and I knew it), where just about every single component was a different brand or model.

If the bike is all Ultegra (not just a splash of it), then that is not bad news, it just does not fit the story so far.

I have found sellers to often get the year of the bike wrong. But this model for several years was all Campy. Does he have the model wrong?? That would be very unusual. Or is something wrong with the deal (more usual)?

The Bianchi Alloro was all Ultegra and cost around $1600 new in 1999. So maybe its just an honest mistake. The Alloro would be a better deal.