Foolishly buy pin for legendary monster (6)

I believe the answer is:

bunyip

I'm a little stuck... Click here to teach me more about this clue!

'legendary monster' is the definition.
'bunyip' can be an answer for 'monster' (I've seen this before). I'm unsure of the 'legendary' bit.

'foolishly buy pin' is the wordplay.
'foolishly' is an anagram indicator.
'buy'+'pin'='buypin'
'buypin' is an anagram of 'BUNYIP'.

'for' is the link.

Can you help me to learn more?

(Other definitions for bunyip that I've seen before include "monstrous Australian" , "Australian legendary swamp-monster" , "monster" .)

I've seen this clue in the Sydney Morning Herald.

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