This 6-string Ibanez Talman Custom electric guitar features a bright red (sometimes called pink in interviews) Ibanez Talman TV650 body (although the rear bout appears shortened), loaded with Billy's mainstay (at that point in time) Lace Sensor pickups in a bright blue pickguard (with matching blue truss rod cover); it also features a maple neck (which is not what those models came with) that has black star inlays (some people think these could be stickers). Also, it has a fixed bridge like the one seen on the current Talman NDM3 model.
Legend has it that Ibanez made this guitar as a gift to Billy (although he most certainly would have had input into its design) and he played it on "1979" during tours in 1995-1996, occasionally apologizing for "how ugly this guitar is".