2/5 NL Live Game, why did he make this play?

[maranello11]

This is a 2/5 Home game that plays deep. Everyone starts out with 500 for first buy-in. We are about an hour in have not played with Villian before, but he did finish in the top 200 of the WSOP Main Event this year so he must be decent.

I have 44 in the small blind 7 limpers I complete big blind checks.

flop is 8 [img]/images/graemlins/spade.gif[/img]7 [img]/images/graemlins/spade.gif[/img]4 [img]/images/graemlins/heart.gif[/img]

I check, check, loose player bets 20. Villian raises to 50. All fold to me, I think about re-raising but dont(dont know why). I call, everyone else folds

Turn 6 [img]/images/graemlins/club.gif[/img] I check he goes all-in for 400. I have him covered. Whats your play.

I thought about this for a while and after some discussion I will post some thoughts.