Good chance he didn't pay even close to that much.
Was a Navy Recruiter in Chicago in the '70's, at 114th & South Michigan Ave. Our office was a 'storefront' that opened up to the sidewalk.
Was a "gentleman" who would walk by every day just singing to the wind. Stopped in every day or so and asked if we "needed anything". This dude even took custom orders from people. "Want a new fridge in the box? What brand? Double door or single? How many cu ft? Ice maker? and the big one..... What Color? Said he could deliver in 3 or 4 days, $75 (or whatever) cash on delivery. I asked a beat cop about him one day........said the guy and his friends would go to the railroad yard and steal anything and everything he had orders for from box cars. Said you could depend on whatever you asked for. Got caught and arrested every few months....paid off the judge and walked.
Another story about him follows.
Anyway....... This guy said he could always make quick cash by standing outside of Sears stores by the door. Always had a couple of men's and women's watches. Someone would get ready to walk in or out and he's whispers "want to buy a good watch?". If the person stopped and was interested he shows them one IN A SEARS BOX, always talking low and looking around, say's he would let it go for say $350. The person would hand him the $$$$ and the dude gave him the watch. Then, he would go to another door and start the routine again.
He explained to us that the sucker ASSUMED he had just walked out of Sears where he had stolen the watch, and, in this case, the watch must go for about $800 in the store. So, he buys for $350 and thinks he just got a super deal. Dude said what he would do is go in when he first got there and BUY 4 or 5 cheap watches for $25 - $30 each. Kept the receipt in case he got hassled by a cop ("who me...I just bought these and here's the receipt, officer. I'm just waiting here for my mama to finish shopping") He always bought the ones with the brand in small writing on the face or no brand showing. He would say it was a (name any expense brand) and not let them look too close. They would leave real quick because they didn't want a cop to catch the with the 'stolen' watch he had just bought.