Call a local legal guy first. Find out how long before it's considered abandoned property in your state. The call the buyer, tell him that by law it's considered abandoned and that you can keep his money and resell it if that's what your state laws say. Then give him a set pickup date as the last day he can pay the balance and pick it up. Then it's up to you if you want to refund what he paid or if you keep part of that money for storage or all of it.
If I were in your shoes in my state I'd call the guy, say you will pay for it and pick it up by this date. If you don't I can keep your money and resell the item or keep it. Then if he failed to pick it up I would resell it and refund half of what he paid with a note explaining that I was being nice giving back anything and the 1/2 I was keeping was for my time and trouble plus storage.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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