Weren't a bunch of the ex-BA Classic 747's sold off for considerably less than £1M?
If there's a will to do something like this, have a look at my post on forming a group.
As
sunneysideup says, £60k is a more realistic price even for one in tip top condition. If there was going to be arial work done would it have to be on a UK C of A or could it retain it's N reg?
If you want that round engine sound and the fun of taildragging, a Broussard is the cheapest way to do it.
Isn't this the Dak with a completely bare interior cos it's major function in life is dropping paras in between attending airshows? If so, she's not exactly showroom condition......