I guess it depends how valuable and important the domain is to have, else you could just purchase a the website and use it on a fresh domain with no bad history?
Never experienced it or needed to do it myself, but you can submit a request for reinstation to Google which may work if you explain that you have recently taken the website over and state how you think it got the penalty before (obviously mentioning that you won't be doing anything like the previous owner).
The risk would simply be that the domain doesn't get reinstated and you lose the value of the domain but still have the website.