By now, everyone on the planet, or at least the domain and adult world knows that Sex.com is in a foreclosure auction this Thursday. As Elliot Silver notes in his blog, the auction is being classified as having No Reserve:
From Eliotts Blog:
“I was just informed by Richard Maltz of Maltz Auctions that there will be no reserve price for the Sex.com auction. Registered bidders will be permitted to bid online or in person at the Windels Marx Lane & Mittendorf, LLP offices. In addition, Maltz added, “the secured party does reserve the right to bid under the law.”
The truth of the matter is, there is a reserve. As with most Real estate auctions, the secured party will be there and out bid any low bidders. They will have to decide when to cut their loses.I know personally that in the past the lenders have been unwilling to bend under 8 figures. Whether that will be the case on Thursday is anyone’s guess. The excellent promotion of this auction will bring out every player possible. My thoughts is that it will not sell on Thursday but someone will be able to put a deal together within days or a few weeks after the auction similar to the way Porn.com did not sell at it’s auction but had a deal together shortly after.
BTW for those of you with money to burn on this auction, feel free to inquire as to purchasing xxx.com.