I'm 14, I have a Carvin B40. Only $900, so not quite in the price range of a Ric, but I've been playing since I was 9 and bust my ass all day on the thing. It was completely funded by me, working every weekend for a summer painting decks and fences around my neighbourhood to earn enough to buy it. I do consider myself a good player, but I'm still just a kid with some (what I think is) pretty nice gear. If the kid is going around saying "look at my bass, I'm amazing", and trying to pass himself as a phenomenal player just because of his gear, then yes it would bother me, but if he just plays and keeps to himself then live and let live. Who knows, he may work just as hard as you and just not be gifted with music, and he got it to keep him playing so he didn't give up.
Funny how so many seem to miss this point. Just because he's "awful" now doesn't mean he always will be. Most people are awful when they first start playing an instrument.
There's so much I disagree with as far as the rest of these responses.
Waiting for him to fail as so many assume so you can have a shot at getting his bass is lame. And if the object is being better than him, that's lame too. The object should be being better than you were yesterday. Improving as a musician because you want to be "better" than another musician will likely drive you crazy. Particularly if that other musician is more driven or talented than you. Watch the movie "Amadeus".
Let's say this kid really couldn't care less about becoming a "better" musician and learns just enough to be dangerous. You OTOH break your back working just to prove how much better you are. Years pass, you've worked your way up to being able to play, you've even learned how to play "The Awakening" and are supporting yourself playing live music for scale in local bars/clubs. Your nemesis OTOH spent those years learning how to dance, sing and be a marginally passable bassplayer and through his parents' connections (because we can assume people with money all have special connections, right?
Do you cut your wrist or smile at what life handed you?
I grew up in a rural area and there was one other person who already played bass whom I didn't know. Not long after I did my first gig I was told that he said I'd never be as good as him. I laughed because that was not even close to my goal.
If your goal is exceeding someone else or comparing what you have to what they have, go for it. Doesn't sound like a road to happiness to me. In the meantime, I like the fact that everything I ever got I worked for, be it gear or skills so now I don't suck and here's part of what I have...
Guess I showed that guy.

One last thing that always makes me chuckle... you see what the other person has but you have no idea of what the back story is... could be a reward for doing well scholasticly, could be hush money for abuse. How bad do you want it*?

*And yes, I know the pic sets me up for all sorts of abuse jokes so go for it. Do the obvious