"When I saw that I actually emailed the seller to find out if he knows why the bidding is so high. It seems outrageous since that car normally sells for $50-75 USD."
Also odd that it is listed as a private auction: there are unscrupulous persons on eBay that list items for sale in such a way, and get their mates, (or even themselves), to drive the price, (artificially), upwards.
It is also interesting to note that one of the people this seller sold to recently is a Japanese person who is notorious for going to extraordinary lengths to outbid all other bidders: if i were an unscrupulous seller and knew my customer(s), i would probably be inclined to take steps to ensure that they paid as much as possible for an item, (see the above hypothesis for a possible explanation)...
If you look back through the sellers feedback ratings, you'll see that a "similar" model was purchased by him/her from, (i think Taiwan), at a fraction of the price.