The aircraft is in good condition.
B-747-200's WITH engines, run anywhere from $4.0 mil to $7.0 mil, depending on a lot of things. Without engines, the fuselage is worth from $100K to $500K, depending maintenance status (landing gear times/cycles, avionics, etc etc).
I do not know the specifics of this aircraft, other than what I learned when I called the seller to find out what condition it is in. He stated that it is in fairly good shape - estimating needing less than $1.0 million to get through an FAA conformity inspection. Given this news, I would say that they made a good buy. He said that they are leasing the engines from him and that he has a lot of spares (including engines, avionics, ldg gears, etc.) available to them.
Apparently, the interior is not in too bad of condition - just needing cosmetics - except if Baltia is going to reconfigure the business or first class sections - in which case I've been told that there are good interiors available from surplus aircraft that have been parked in the desert.
