It's a legit Fender, and due to the elongated upper horn, it's often referred to as a Boner Bass. The lower horn is also shorter to allow access to the 22 fret neck.
There's a club here for them if you do a search. QC was dodgy when these came out, but a lot of people like those bridges as they have string mutes attached. I would try talking him down to $475 or something, but if it's in good shape, it's worth $500ish.
They're not collector pieces or anything, but like the Cowpoke or Power Jazz, they represent a special model that only ran for a couple of years, and some people like that about them.