I recently purchased a 97 300ex but after bringing it home it began leaking oil around the exhaust and around the top of the head as pictured. Would this be a blown head gasket or something else

 

With those oil all over the place, looks like it is. Give it a good engine wash to see where the leak possibly from.

 

Too high up, either rocker box or tappet cover gaskets.

 

I seriously wonder if there are gaskets in place. Dont wash that motor, it could be the angle of the pic but it looks like your head pipe is not even close to being properly installed.

 

Would washing it damage the engine?

 

Like jgar mentioned,looks like the head pipe is out of the exhaust seal.Or it's just the angle of the picture or grease build up on one side that makes it look like it..

 

It looks like you could easily get water in the head due to the head pipe not being properly aligned. I hate to be that guy but that motor looks like it may be a disaster. I would thoroughly go through anything the previous owner did for repairs.
In the 1 pic you posted I can see the header does not line up, look at the crush gasket. The cover has 2 new bolts and the other cover bolt ( bottom center in the pic) appears to have a copper washer under it. Its not supposed to have a washer like that. The only reason you use a washer like that is to create a seal....

 

It shows to have a brass or copper washer on the head pipe,but something still doesn't look right.Looks like the pipe should be further down into the head?

 

Your right, the copper washer is not supposed to be visible and recessed. I wonder if the oily buildup around the exhaust port is really a epoxy putty? You never know!
The nut on the lower exhaust stud has been replaced. Its also no where near as tight as the nut on the upper stud.

 

Thanks for the help. I replaced the copper washer on the head pipe. And apparently the previous owner left a bolt off of the top of the engine and that is where the oil was coming out and running down the front of the engine