09|21|2008 09:30 am EDT
The International Revenue Service (IRS) has seized a website owner’s domain name and will auction it off to pay for $280,000 in overdue taxes.
DoctorTalk.com, appraised at $526,000, will be sold through IPAuctions.com at a starting price of $280,000. The bidding process requires an initial deposit of $10,000 and bids can be sent online or by mail.
According to appraisal and liquidation specialist, Eileen Foy, this sort of thing happens quite often. “We’ve done quite a few of these in the past,” said Foy. “A lot of times we do them in conjunction with the actual business itself. But this time, I think due to the value of this, we just went for the website.”
[via Journal Record]