I can't see the handle condition but it looks very had to restore, this is one neglected bag. It may be possible to do something with it, but the asking price is too high for a bag in this condition. I also dislike the way the seller says, it "belongs to a celebrity" as this is some kind of endorsement. Shane really, because with regular care Kellys can keep going and going...
I agree, looks like the bag is full of dry rot and there's nothing you can do about that. This bag really ought to be posted in the "Share a Train Wreck" thread!