It's a Spanish Model B and not a steel guitar.
These are very rare. I don't think there were many domestic model B Spanish produced.
Peter, you might want to move this to another more appropriate forum.
Craig,
This one has a round neck and is therefore a Spanish Model B. The steel guitar Model B has a square neck with a raised nut and bridge.
As i understand it, the parts were US made and shipped to the UK, where they were assembled. I seem to recall that all the electronics (bobbin, coil, pole pieces, and wiring) were made in the UK and can be notably different than US produced models, but I'm not sure of that.
Yes, $3700 AUD is pretty high for this particular instrument in my opinion. They were also made with manual and elctric Vibrola units, which this one lacks. I've seen the Rickenbacher Model B Spanish sell in the $5000 with original working vibrola units.