With such a solid frame, I could totally see the possibility in that theory.
Earlier, I did think of something. If the gentleman who sent this photo in would take the time to fabricate such a believable image, why would he put it so out of place? I'm referring to the figures position, which is halfway in a wall and through a set of chairs. Although a sloppy fabrication is possible, somebody willing to take this amount of time would most likely choose a location less debatable. The walls that are in that photo are brand new, and were not there originally. If this isn't an intelligent haunting, which is doubtful from the activity occurring, maybe this is a residual walking through the foundation of the old building.