My understanding is that when the Patriots were brand new, you could order one with a mahogany finish for an upcharge of $75.00. From what seems to be available on the market today, I'd say that most Patriots got ordered with the mahogany finish! Painted ones seem to be more rare. I have seen prices from $99.00 to $299.00 on these over the last couple of years. I bought mine about three years ago from a GC in Albany, NY for $99.00. I got lucky. It was a good one, with the normal amount of nicks and dings. No case.
An excellent condition mahogany Patriot with OEM case would be worth every bit of $250.00 today, IMHO. They are not gonna make any more, and the price is not coming down. I don't see how you could lose, if you are looking for a great player that you will be keeping for some time to come. If the one you are looking at is already in "Player Condition", without an OEM case, I would try to negotiate downwards....say $200.00? I would have no problem paying that for one today in such a condition.
Still.....if it plays great and you love it, what's another $50.00? Keep anything long enough, and it will be worth more. SOME day!