The street value on an Auto-Ordnance is probably about $200-$250. The market is full of cast frame/slide imports right now (RIA & CD), and the Auto-Ordnance is plain jane and does not have the greatest reputation. Kahr, the new owner, is reportably improving quality, but the reputation is pretty well trashed among 1911 folks. On the other hand, $50 is a give-away price. Unless the frame or slide appears seriously damaged, I'd buy it and turn it into a house or truck gun.
Not trying to insult any satisfied owners, but the 1911 market has not exactly embraced this particular model.