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"Take these three items, some WD-40, a vise grip, and a roll of duct tape. Any man worth his salt can fix almost any problem with this stuff alone." - Walt Kowalski
"Just because I don't care, doesn't mean I don't understand." - Homer Simpson
Guessing it's only value now is for parts. Real shame as it's pretty much brand new
It might have been easier to evaluate this if the OP mentioned the exact model number.
Scarf jointed headed stock and no-name (probably Jin-Ho) machineheads suggest a mid to low priced instrument. Laminated back and sides. Possibly, solid soundboard. Reasonable quality transducer and controls system. e.g. The HD30.
Only your friend can decide what proportion of four hundred quid is worth spending on the repair work.