Sounds like the clutch slipping. Was this a new rider and he possibly burned up the clutch? High reving with modest acceleration at highway speeds in 5th gear would indicate friction plates either being worn out or not fully engaging. Perhaps the plates were worn (65k miles is a lot), but since you had the bike for a while you probably didn't push it too hard. The buyer probably wanted to push his new toy to the limit, which would make the slipping more pronounced. Also, if he continued to push the bike hard with the clutch slipping he could easily burn through the remainder of the friction on the plates resulting in basically a total loss of power to the rear wheel. Just my thoughts.
I replaced the clutch around two years ago, it was nice and tight when I last rode the bike.
Also, he said when the engine revved up, the bike started speeding up so I don't think it's the clutch.
You're right though, I have to suspect for now that the buyer did something to it and I'm trying to help him out. If it is something blatant that I did, I'll buy it back but if it's something he did or that broke simply because it's an old bike, I think it is what it is. You cannot know what is going to break next on an old bike.
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