Once you're talking about a mixed parts Luger, the concept of "correct" is lost for the most part...
Sounds like a RC import. $800 would be a fair market price if it actually shoots reliably.
But... it sounds like you at least have issues with the magazine and hold open...
Be sure that it's guaranteed to function properly before you consider it further...
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 Igitur si vis pacem, para bellum -
- Therefore if you want peace, prepare for war.
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