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It's very ambitiously priced. In nice condition sure but it's nothing special in terms of the Saracen range. It probably didn't cost more than that bitd.
Like anything old it's worth what someone is prepared to pay but on market history it should fetch around £100 max. I personally wouldn't pay more than that. Maybe £75.
This would have been mid priced at around £499 reduced to around £349 in the end of season sales. Hardly cheap at the time - try and find a modern decent steel frame with a mid range groupset for £75!