domain name sold for $12m

The domain name has been sold to a group of private investors for $12m (£6.7m) in a deal believed to be one of the biggest of its kind.

Boston-based Escom revealed today that the domain name had been bought from Gary Kremen, who is chief executive of Grant Media and founder of dating website Although it would not give details of the sale, it is reported that sources close to the deal have said it is worth in the region of $12m. It was funded in part by Domain Capital, which specialises in financing domain names and intellectual property.

In a statement, Escom said: "The new will transform into the market-leading adult entertainment destination by offering compelling, next-generation web interaction experiences to revolutionise the industry."

Although Escom said the site had millions of unique visitors each month, at the moment does not carry much content and mainly links to other adult entertainment sites.

The company said that the new site would include an adult dating services, sex and relationship advice and erotica. Kremen is to stay on as an adviser following the sale.

Kremen said: "Escom will maximise the user experience in a fundamentally different way than we had been doing at Grant Media. I am excited to see how the revolutionary new business plan evolves."

Previously, the record for a domain name sale is thought to be that of, which was sold in 1999 for $7.5m. Other expensive domain names include, which was sold for $7m, and, which went for $3.5m.

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