This is getting VERY strange! If this was anyone other than Mr F or Capt Frazer, I'd say they were mistaken.
The Ebay car is listed as VIN: F485018603
Mr Oleson's car is listed on the on-line registry as a regular Frazer, NOT a Manhattan ie #29 F485-018603 16566 101 602 81 512 Oleson MO
So, this appears to be Mr Oleson's car and a standard Frazer.
Did he have another near identical 48? It could be, as I have two near identical (one 3 sp overdrive, one automatic) 1957 Studebaker Champion 4 dr sedans in Turquoise/Glendale Green, with exactly the same option list