Would You Turn Down $7M for a Domain Name?

The crazy world of domain name registration took an even crazier twist with the revelation that a $7 million bid for a domain name was rejected by a UK-based businessman.
Peter Littke, MD of Java software developer Naxt Ltd, turned down the offer for e-buy.com from US-based firm Ebuy Inc - despite the fact that he is looking for funding for an e-commerce venture using the name.

"Of course I was tempted by the offer because it's enough money to live on for rest of your life if you use it well," Littke said. "But I believe that the online future lies very much in Europe which is already ahead of the USA in terms of TV and cellular phone access to the Internet."

Littke is confident that he has the management team in place to make a success of the venture, which would see the domain name acting as consumer portal for a global department store.

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