Sells for a Bomb; Domain Name Goes for $13 Million

October 22, 2010, By Sanjeev Ramachandran

In one of the biggest domain name auction in the cyber space, got its new owner paying $13 million for this three letter domain name. If the bankruptcy court in California approves the dealings on Oct 27, Clover Holdings Ltd will take over the control over the domain from its present bankrupt owner Escom LLc.

Escom reached an agreement with its creditors to auction the domain name in May. – a leading domain name marketplace was hired to find potential buyers. It is reported that 12 different companies were competing to get the one of the popular domain name in the bidding. The deal is one among the highest auction prices for a domain name.

Escomm LLC is thought to have bought this lucrative domain name for $14m from Gary Kremen – the original owner who registered as a domain name in 1994. Despite the high bidding price, the company which planned to transform the site into a market leading adult entertainment destination, found itself bankrupt. hit controversy since the beginnings when Stephen Cohen took over the rights over the domain name from Gary Kremen which ended in a long legal battle in 1996. Cohen was fined $65m and was put behind the bars for fraud.

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