Is it possible to sell the site? Sure
Are you going to be paid for it based on what it made prior to the update? Absolutely not.
Whether you like it or not, what the site made before is almost completely irrelevant. Whilst there are buyers out there who have nothing against buying sites that have recently suffered a decrease in rankings, the site will (obviously) be valued based on its current earnings, rather than what it used to make before.
Paying for the site based on historical earnings would be like paying a full price for a car that has recently been involved in a massive crash and hasn't been fixed.