If I remember correctly, my old, cheapo bass split around that area. This story is on the DB Train Wrecks thread.
This was my first bass, a cheap Becker bass. I did get it repaired and it was fine. I think they did a lot of gluing and put in some kind of metal reinforcement as well. Sorry, this was years ago, but it certainly did not break the bank, a couple hundred, maybe three, I think. The luthier assured me, especially with the metal reinforcement, that the bass would be fine and was not in any increased danger of splitting. Did not affect the sound negatively in any way either. There was just evidence of a crack where it split.
I also sold the bass a year or so later to a beginner who really did not care about this issue, and, sold it for much more than a couple hundred. Pretty much recouped my investment in the bass.
Certainly, get an estimate on repairs. If it is under what you think you might sell it for in the future, then get it repaired. Otherwise, maybe sell as parts, or give to And,student luthier forpractice.
if you cannot live with the fact that this happened, still get it fixed and sell it to a beginner.