Don't think you'll get away with doing that, as he more than likely will ask you to return the item. If after a reasonable amount of time goes by and you don't hear anything, then do what you want with it.
PayPal is too compliant to the buyer, and ignores that the seller should have some rights too.
Morally, it would be best if you at least attempt to contact the seller a couple of times and ask him what to do.
How would you feel if the tables were turned in his favor?