Oh its a V12 alright. If it does not run in your presence, it has basically no value. It might be worth 1500 bucks, if the interior (ALL OF IT) is cherry, and no rust at all. I buy parts cars fairly often, and it takes a really nice one to break 500 bucks. Neglected V12s are prone to overheating, and then dropping valve seats. Big buck$ to fix. Now that I have said all that, they are great cars. Clearly, you have the mechanical ability to fix the car. Make a low ball offer, and when they get tired of looking at it, you can pick it up for what it is worth. Invest the time and money, and you will be delighted with it as a road car. Most parts are available, but interior trim is hard to come by. Repro stuff is readily available, but it ain't connolley leather. Good luck!!
Jesse