Yep, used to be a blue bike, or, at least that's the color it was immediately before the red, who knows before that.
The bike's got its benefits and drawbacks. Like the last Ebay Bluebird it's missing some parts, but it's seemingly more complete than the last one. The only things that really jump out at me are the missing speedometer :shock: , incorrect seat, headlight lens, grips, emblem, maybe the wrong kickstand??? (Nate can surely verify that), and the as-mentioned incorrect rear wheel. Also some odds and ends missing, but the downside is, with most bikes if you've got odds and ends missing it might add up to $50 to replace them, with the Bluebird it could easily be $500.
The bike actually looks to have more potential than the last one we saw on the 'bay, but I too would be very concerned about that rust-through.