I've bought several cars off ebay, including my '96 ti, and EACH one I purchased was started at a price near its value - in the end, no one bid on them, so I called afterwards (like 3-4 days) and then talked the price down some, then went and drove 'em, bargained some, inspected, etc.
Chances are, this car won't sell because it's really not much of an auction. Remember, too, that a lot of people bail on ebay auctions (I've sold several cars too, and about 1/2 of them needed to be relisted).
This guys price doesn't seem completely unreasonable, but it is a high starting price for ebay. In the end, however, the car's value is determined by you...