Oof, that's nearly what I paid for my lathe...
Fortunately mine seem to be OK. I unscrewed the oil cups and flushed a bunch of congealed goop that used to be spindle oil out of them when I brought the lathe home, then ran it for 30 minutes with WD-40 in the cups to dissolve anything else in there before doing a final flush and filling with DTE24
I've heard of people putting standard grade bearings in some lathes with good results - might be worth a shot at that price.