The Internet domain name buying frenzy continues, as Bank of America paid $3 million for loans.com on January 28. Bank of America's identity was concealed until Wednesday when it made the news of its purchase public. The company is already the top lending institution in America and hopes to keep its hold on that position with loans.com.
Bank of America bought the name through auction on GreatDomains.com. The previous owner, Marcelo Siero, got loans.com in 1994 for free. No word on how much of the $3 million Mr. Siero will get, but whatever it is is sure to be a huge profit for him, considering his initial investment.
Bank of America's $3 million payout for loans.com is slightly lower than Compaq's $3.3 million paid for altavista.com a few years ago. The Altavista sale is the second highest domain name sale recorded, behind the $7.5 million for business.com.
SAM'S OPINION
Marcelo Siero is a computer consultant in California and is probably one of the happiest guys on the planet right now :) I don't know how long the domain name was up for sale, but apparently he held on to the name for quite a while before deciding to cash in. Good thinking on his part, but I guess it's not that surprising, since the guy was smart enough to get a great domain name way back in '94. He probably waited for the domain name market to heat up and for a few million-dollar payouts to occur before putting his domain name out to bid. I guess good things do come to those who wait.
You should pay a visit to loans.com before the redesign begins so you can see how unprofessional it looks. The fact that (apparently) not too much has been going on on that site is a real testament to how even giant corporations like Bank America can see that the Web is the future of business. It makes sense when Amazon.com buys a company/website that is doing decent business or has a great technology in place; but when something like loans.com gets $3 million its clearly just for the name.
I've never been into the “buy as many domain names as you can think of” game, but I have some friends who bought anything remotely interesting just in case someone will want it someday. We'll see.
You should also take a look at GreatDomains.com. The front page claims that the estimated value of all the domain names it has listed for sale is 5,082,960,500 dollars. That's 5 billion, ladies and gentlemen. Apparently, the average selling price its domain names get is $14,500. I don't know how much of that goes back to the domain name owner, but that's a pretty good return on investment. I did find it interesting, however, that GreatDomains still hasn't turned off the bidding for loans.com, even though the sale occurred on January 28. Come on, guys, get it in gear.
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