Since we're not supposed to discuss price on this forum, all I'll say is that that price seems high to me. I'd say offer two thirds that price, and that's only if you really, truly want it.
It seems clear that the guy made a loan to the wrong person, and is going to have to eat some of the debt himself. There's no reason why you should have become the guarantor of the loan, even if that's what your friend hopes he can finesse.
whm
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