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The value of a Beogram 8500, or any, is up to how much a person is willing to spend for any given condition. £400 to me does not sound like a lot, especially if it is in working condition. I see the 8500 going for £1,949.99 and £1,650.00, so if the one you see is in working condition it may be a bargain. What would be a comfortable price for you?
You have to be careful purchasing a turntable from eBay because if it is not packaged correctly it could arrive in pretty poor condition. I’ve purchased a few players that arrived with parts broken that needed to be repaired after I received it. I purchased an 8002 that was completely refurbish by the seller for $1500 without cartridge, and for me it was a bargain and I love it a lot! Luckily the seller knew how to package it for shipping.