Just to clarify:
22Bs made - 400
V Spec N1s made - 45 (33 road cars)
V Spec 2 N1s made - 18
Prices are always about supply and demand, and I think you'll find that there have been a number of ex-pats who've jumped on the 22B bandwagon hoping to make big profits. There have been a few going through auctions, it's not all the same car (one belongs to a customer of mine who brought his in from the UK).
The problem is that the people who understand how rare 22Bs are aren't the ones with the coin to pay good money for them, and conversely the people with $100K to spend aren't going to drop that much on what they probably see as a pumped up WRX, regardless of what you tell them, especially one with a questionable history. People that attend auctions are generally dealers or private heads looking for a bargain, not Subaru fanatics, so it doesn't surprise me in the least that it didn't make much, but also bear in mind that it didn't sell.
If I had a $500,000 house and it passed in at $400,000, it doesn't mean that's what it's worth.
This car smacks of someone trying to make a quick profit, but having said this, if the owner is in a position to keep it rather than sell it, he/she may have decided it's better to hold on to it and let it appreciate in value rather than sell it cheap.