Because it's a steel '34 Coupe, that's why.
Besides, he is looking for serious offers, as the ad states. The 50k price tag is to scare away looky-loos and tire kickers. I would do the same thing. When you have a major league car you don't want to play in the minors. Fact is the car is worth a big bag of cash. Probably not 50k, but a solid 30-40. If someone is serious and in possession of liquid assets, they will make a real offer and the deal will get done. If not, the owner still has a "grail" type hot rod that will only continue to rise in value.
Yes the MII sucks, but easy enough to change.