I guess if a single phase weekend recreational woodworker wanted to have a machine of that scale, all it would take is a motor and starter change. That's a belt drive machine and it looks like the guard is on the floor behind the machine. Bearings for that machine will be expensive if needed, but those precision bearings also make for a smooth and quite running machine. A machine built like that today would be well into five figures. That machine was made for architectural millwork shops, boat builders, and other large scale professional woodworking shops. Few recreational woodworkers work in the scale that such a machine is capable of handling. The beds are individually adjustable like many professional grade machine of that era.
The seller claims that it is one of the best jointers ever made. What limited experience I've had with that model, I tend to agree. There are a few others in that quality category but not many and they're rarely seen for sale. For a professional user that needs that scale of a machine, the price is very fair.