It's a $40-45k 4Runner with, I am guessing, $25-35k worth of bolt-ons at full, max retail. I'd be shocked if he had more than $80k into it, and $80k is assuming he's a moron who doesn't know how to shop around.
Even if you count the labor required to install all of those goodies, which DOES NOT add to the value, it's still nowhere near a $110k vehicle. The modifications add some value, but not full retail. IMO it's worth about $60-65k to a buyer that knows exactly what he/she wants. The seller is high, both on his price and on drugs.
Taking a brand new, low mileage vehicle and modifying it that heavily is also stupid in my opinion. Why replace a bunch of brand new parts? Get something used, already scratched up, and replace all the worn-out components with new farkles. Makes way more financial sense. A 140k mile 4Runner is likely just as reliable as a 14k mile 4Runner and a fraction of the cost. In other words, you could probably build that same vehicle for $40-50k all said and done for the exact same results, then not have a garage queen/mall crawler you're afraid to get scratches on.
Maybe some are right.. maybe he will find a buyer. To those folks; I have cat turds for sale. $250 per bag, you get 8 ounces of smelly cat turds. These are good cat turds and you won't have to wait around for your cat to make some for you. No squeezing the cat, hoping turds will come out. These are ready to go. PM me for more info. Shipping bags daily! Such a hot commodity!