Rick Schwartz, a Florida man, sold the internet domain men.com for $1.3 million. Schwartz says he could have made more money if he had waited longer. High prices for domains is a phenomenon not seen since before the dot com bust.
Before many dot coms sank, domains were being sold for prices like $7.5 million which went to business.com. After the bust, many of these domain names were being resold for about $30 each when their names expired.
The buyers of men.com are staying anonymous but have plans to use their site for entertainment purposes. There is hope that the high price for their domain will spark another tech boom. Schwartz bought men.com for $15,000 back in 1997.