You can barely get a decent turntable for your budget. I can't imagine your friend would appreciate a portable turntable at that price, if they're an 'audiophile'.
One forum post suggested this model --
http://www.etsy.com/listing/88119966/1962-klh-model-11-portable-stereo-record
http://www.audiokarma.org/forums/showthread.php?t=403069 -- also read through this
http://www.youtube.com/watch?v=J1cS1k0hrnw -- it even sounds good
Maybe read through these --
http://www.huffingtonpost.com/2012/10/26/buying-guide-best-record-players_n_2026327.html
http://forums.stevehoffman.tv/threads/can-anyone-recommend-a-portable-record-player-for-a-teenager.302875/
http://www.vinylengine.com/turntable_forum/viewtopic.php?t=26707
http://www.degourget.com/2010/04/the-best-portable-vinyl-players/
http://www.mpc-forums.com/viewtopic.php?f=11&t=118555
http://fleamarketfunk.com/2011/04/08/portable-record-player-breakdown/
http://www.turntablekitchen.com/2012/11/turntable-kitchens-vinyl-record-collectors-gift-guide/