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03|12|2008 12:52 pm EDT

Fund.com Sells for a Record $10 Million

by Chad Kettner in Categories: Domain Sales

Clek Media Inc. announced yesterday that it brokered the record setting sale of Fund.com for $9,999,950 – a report that had many domainers searching for verifiable proof.

When CNN posted the story on their website yesterday, it was nothing more than a PR feed from Marketwire, hardly the coverage you’d expect for a domain sale of this magnitude. A quick search around the internet failed to bring any more evidence to the surface, with no major news outlets reporting the sale.

The DomainState.com forums were filled with uncertainty, but a couple members – George Kirikos and Ron Jackson – validated the story as being true.

Kirikos dug up an SEC report that showed the transaction was reported to the U.S. government and Jackson, of DNJournal.com, was able to reach a representative for the buyer – Fund.com Inc., a New York firm previously known as Meade Technologies Inc. – and confirm the story.

Fund.com is the largest cash domain name sale in the last year in history, edging out last year’s $9.5 million sale of Porn.com.  The somewhat controversial domain IRS.com was reportedly purchased by Banks.com for $11.1 million in 2005, but according to company SEC filings the transaction was not an all cash deal.  Sex.com was believed to be sold for around $12-14 million, but the sale price was never reported to the public.

[CNN Press Release]

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  • Steve Z

    It seems that the “world’s greatest domain sale” has been brokered by a company that has no web presence, at least not as of this writing. I cannot find any info on Cleck Media Inc., the company that was reported to have brokered the deal, other than press releases. A whois search on clekmedia.com and clekmediainc.com produced the following results: both were registered within the past 24 hours, both with private registrations. One is parked at Domain Sponsor and one is for sale. While this is a common occurrence, riding on the coattails of news releases and both are most likely not related to Clek Media, it still brings to question the lack of web presence for Clek Media. Does anyone have any information on this company? DN Journal reported it “confirmed” the sale. With so much at stake here, when is a reported sale considered a sale? What is considered “confirmed”? By whom and according to who? Bogus press releases are commonplace and often revealed in domain forums, often months after the original release date. While I have no reason to believe this sale to be untrue, it would be nice if there were some sort of standard on confirming sales.

  • dch

    irs.com was the largest verifiable cash sale..

    $11.1 MM cash…it’s all in the SEC filings.

  • Adam Strong

    ah good point dch. however the sale wasn’t all cash : http://www.secinfo.com/d14D5a.u251v.htm#1rui

  • dch

    adam-

    it appears that way, however the deal was structured to allow intersearch to finance the transaction with debt.

    the irs.com owners got 50% in cash upfront, and 50% 6 months down the road. the second 50% was secured by shares of intersearch.

    in the SEC filings, you can trace the proceeds of the debt financing to the immediate redemption of the shares of intersearch (which were held as security for the second half of the payment).

    so essentially, the irs.com owners got 50% upfront, 50% 6 months later, 100% cash.

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