I read it as brand new, as in not been run, just built up but I think I get what you mean as in he has owned it before the next buyer.

I do see some for sale threads on here and other places with, "paid £1000 want £900" and I always think..."yeah, that's £500, unfortunately"

Also, as mad as it sounds, any 2nd hand engine I think I would be mad not to get Mark Shead not to strip it, check it and rebuild to his standards as one nut or bolt could ruin it.