7" M.S. Slammer. Hand crafted and only slightly above your price range. 

Spro Rat.

Gift card and go with him when he is going to use it.

Whenever I've purchased a fishing related gift for a friend or relative, I always steered clear of lures and stuck to accessories or terminal tackle. A spool of braided line, landing net, rod socks, or a tackle bag would get the nod unless he already has them.  Lures, rods, reels, etc. are personal choices and if he is an experienced angler they likely would gather dust in his garage. 

My son-in-law has almost as much gear as I do, but was always asking to use my line cutters or pliers and would then misplace them.  I got him a fishing tool set that came with a holster.  He still misplaced them because he never puts anything away, but at least I kept mine in their rightful place and he received a gift that was both useful and thought out.

Gift card and go with him when he is going to use it.

 

I hope not so you can tell him what to buy....lol.

 

Hootie