Car: 2010 VOLKSWAGEN POLO 77 TSI COMFORTLINE 6R

Odometer: 220000KMs

I have a Polo that has recently been displaying a red light for engine oil pressure. Car still drives. Oil level is fine. I got mobile mechanic to come by and have a look and he couldn't replicate the issue and everything looked and sounded fine.
He was revving the motor hard to about 5000RPM, but all was OK.

I drove locally (5-10mins) a few times without issue. I went for a longer drive (15-20mins) a couple of nights ago and the red light came back on. Revving the engine to around 3000RPM, I could replicate some bad engine noises. I recorded this on my mobile phone and sent to my mobile mechanic. He says it sounds like the oil pump in the engine has had it. The mechanic says that the engine needs to be stripped down to replace the oil pump and as this is a labour intensive job, it is going to cost many thousands. Which means it might be best to sell the car to the wreckers.

Any opinions appreciated.