How much is too much?

How much would you spend on a piece of furniture from Craigslist?  $50?  $75?

First:  The Dilemma
My 10 year-old has no closet in her room.  It's "technically" a den.

Second:  The Solution
I debated this solution from Young House Love.  Which is to add a couple of small wardrobes to the sides of the bed.  They used IKEA wardrobes and spent over $400.  YIKES!

So I was looking on Craigslist and found this antique wardrobe for $200, non-negotiable.  Oh, that is a lot of money.

It measures about 7' x 4 1/2'

The seller broke the mirror  that covered the door, thus losing the value of this antique he inherited.  His father bought it 30 years ago from an antique store in Los Angeles for $2500.  It's date stamped 1906 on it.

What do you think?  Am I a sucker?  Did staring at cheap-o Ikea furniture for too long thwart my judgement?

I'm thinking (being that it is solid wood) of staining it a lovely dark brown.  And maybe some cute fabric to cover the door?   Share your thoughts and ideas with me!