We report the extremely high magnification (A > 1000) binary microlensing event OGLE-2007-BLG-514. We obtained good coverage around the double peak structure in the light curve via follow-up observations from different observatories. The binary lens model that includes the effects of parallax (known orbital motion of the Earth) and orbital motion of the lens yields a binary lens mass ratio of q = 0.321 +/- 0.007 and a projected separation of s = 0.072 +/- 0.001$ in units of the Einstein radius. The parallax parameters allow us to determine the lens distance D_L = 3.11 +/- 0.39 kpc and total mass M_L=1.40 +/- 0.18 M_sun; this leads to the primary and secondary components having masses of M_1 = 1.06 +/- 0.13 M_sun and M_2 = 0.34 +/- 0.04 M_sun, respectively. The parallax model indicates that the binary lens system is likely constructed by the main sequence stars. On the other hand, we used a Bayesian analysis to estimate probability distributions by the model that includes the effects of xallarap (possible orbital motion of the source around a companion) and parallax (q = 0.270 +/- 0.005, s = 0.083 +/- 0.001). The primary component of the binary lens is relatively massive with M_1 = 0.9_{-0.3}^{+4.6} M_sun and it is at a distance of D_L = 2.6_{-0.9}^{+3.8} kpc. Given the secure mass ratio measurement, the companion mass is therefore M_2 = 0.2_{-0.1}^{+1.2} M_sun. The xallarap model implies that the primary lens is likely a stellar remnant, such as a white dwarf, a neutron star or a black hole.
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