I have a few cocktail pins like that one. They make great end tables. They have some good novelty value, but no real cash value. $400 is insane for that pin.
I've been looking for a cocktail pinball table (but not that one). I haven't seen any on ebay for less than $400. I'd pay a few hundred if it was a nice design and everything worked. A lot of them have extremely cheesy artwork.
If anyone has one for sale (preferably in the DC area), let me know.
I picked up a clean working Roy Clark last year for $125 off of CL. The guy did tell me he was contacted by someone up north that wanted to ship it, but he didn't want to mess with the hassle as the guy was asking him to palette the game.
It is pretty fun, but I don't think I would go over $250. Of course I say that now, but I was trying to buy a broken one in Austin for $200 when I was looking for one. It certainly would have ended up costing a whole lot more to fix that broken one.
I had 6, yes 6, in the last one or so including. 2 Roy clarks, the most I got for anyone working was $140, and I delivered that from Georgia to Virginia. All of them had suck game play like said more a novety than a real pinball game.