domain name sold for $13 million

Saturday, 23 October 2010 06:37 -     - {{hitsCtrl.values.hits}}

BANGALORE (Reuters) -, widely considered to be among the most valuable web addresses in the world, was sold for $13 million by its bankrupt owner, Escom LLC.

In court papers filed on Monday, the company said Clover Holdings Ltd. was the successful bidder for the domain name. The deal is yet to be approved by the bankruptcy court.

It was not immediately clear what Clover Holdings plans to do with the web address.

In May, Escom reached an agreement with its creditors to auction the name and hired, a domain name marketplace, to find potential buyers.

Escom reportedly bought the domain name for $14 million in 2006. The case is In re: Escom LLC, U.S. Bankruptcy Court, Central District of California, No. 10-13001.