The new buyer will not get a free upgrade to the latest version as if he had bought it new. He will get whatever version you sell.
The other poster mentioned that you're supposed to update it first. I had not previously heard of that, but that may be the case now.
However, I am surprised to hear that the WUP would be $200 on that. Did you check the box that says "I use this on one computer at a time"? You want to make sure you do that.
It's only $487 brand new, so I'd be surprised if the WUP was actually $200.