A third generation Colt SA civilian model value will vary on type and coverage of engraving, and which engraver actually did the work. The late 80's and early 90's brought an abundance of "cartel and pimp" presentation pieces. Unless the individual piece has special provenance, it would be worth far less than your friend might think. Sight unseen, it may only bring 1500-3500K if someone really is interested.
You could search completed auctions for a similar Colt and see what the current interest is. The market is very soft for this type of item right now. It is seldom seen selling above the 4500K range for something special.
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