I'm surprised at the negativity. From a distance, it looks like a 12 X 36 lathe. Appears the motor stopped working and the PO pulled it and opened up the controls. And maybe did nothing else! (Best case.) The ad says "110/240 volt" but in the pictures, you can see the motor junction with no visible capacitor bump. May mean that the motor is actually 3 phase and therefore a candidate for a VFD? Worst case is having to buy a new TEFC motor and controls.
If my circumstances were different, I'd already be in Georgetown having a look at it. For $500 (maybe less!), a few parts and some sweat equity, I think it has a heck of a lot of potential! Who knows what goodies are hidden in the base or elsewhere.
Craig