What are his qualifications? Beautiful and good personality can be found in a MUCH cheaper horse..... Does he have APHA points... I bought a great filly for $150 papered and her parents had a ton of points in APHA, nothing wrong with her, the breeder just didn't want to pour more money into her and end up getting a lesser return... its just a crappy market and if you are looking to get a top price for him, you may want to hold onto him until the market improves if you want to get top money for him. If you are looking for something else, you may just want to look into a trade because you will get more for your money right now. I saw a similar marked horse up here in Georgia on Craigslist for $1000.... papered.
However... he is a beautiful horse.. Don't get me wrong, I would love to own him but I just can't see paying that kind of money for a horse right now.