https://cgi.ebay.co.uk/1965-SCHWINN-S...ht_8853wt_1002

Not that I'm thinking of buying it, just wondering if it's another of those pie in the sky prices, or if it's that collectable.

Probably is...to somebody.

No not at all. Even if you lived in England you could fly here, have a deluxe vacation then have it shipped back. I've seen them on e-bay, in friends garages & hanging in shops. My friend wants me to rid him of two, much better ones. One's a FastBack VG shape, I'm not so interested. If I was, maybe I would sooner than later.
The only feature the bike has is the springer fork, otherwise it's not much. $250 bikes can be had, forks for $100 can be fit. The bike's not NEAR mint, not even close to restored.
The ONLY Stingray types commanding more than a couple/few hundred are the Krates, the FastBacks don't do so well either. Collectors or not, those bikes are silly.
I see all sorts of outragious ads. on e-bay. Some sellers are fools, others Scoundrels.

You'll be surprised how much people are will to pay for an original Stingray. The 5-speed stick shift Krate models are almost double of the listing the OP posted. Even the 2004-05 Stingrays command inflated prices.

Buy a Schwinn El Dorado if you want a Stingray looking bike..and it only costs about $150 shipped.

The style is still popular with the low rider crowd and no name knockoffs are being sold that look pretty good. They carry many of the parts, so you build one yourself. Overall quality is unknown, so you take your chances,

It's both.

Record price at auction for an original 1st year Orange Krate was something like $185,000 (sold by the Schwinn museum a few years ago, zero miles came off assy line and went into the museum in 63 or 64)

Some collect to Stingray/Krates, but you can get one in as good or better shape for a lot less.

The guy is dreaming on his price. Stingrays selling at that price point don't have scratches or other defects in the paint down to bare metal. (Unless, of course, the buyer is a complete imbecile without a spec of operational gray matter between the ears.)

Low rider supply shops online have the straight leg all chrome Schwinn style springers for as little as $29.95 for the 20 inch wheel bike. ($39.95 for 26 inch wheel bikes)

I think you're off by a decimal position and about five years. It was $16,100 and it was for a '68 Orange Krate that was the bike that hit the one million mark for a single year's production for the first time for Schwinn.

The OP bike is priced fairly high, but early Super Deluxes command high prices and adding a springer to regular Deluxe does not give you the same thing.

These bikes may be toys to most of use, but collectors are trying to buy their youth back.

Most people think vintage lightweights (or any bicycle) are toys as well.

Bob "Sold a violet '65 Deluxe too cheap years ago" Hufford
Springfield, MO

While I have never thought seriously about buying one, mainly because I just could not ride it more than around the block, I would be probably be willing to pay big for the right one, even if I just used it for decor in a rec room or something.