Candy.com sells for $3 million

Huge deal took place last week that we have known was in the mix for some time. The deal is not just $3 million cash, but also 2% of profits i believe and a percentage of future resale. Once again shows the value and desirability and power of generic dictionary word domains. Although I feel this price is too high, time will tell. Rick Schwartz is truly the master salesman.

Quote:

BOSTON, MA — June 3, 2009 — G&J Holdings, LLC today announced the purchase and acquisition of the web domain Candy.Com and the development of a new internet based confections retailer d/b/a Candy.Com. A growing distribution channel that is here to stay, G&J Holdings, LLC has invested in Candy.com for the purchase price of $3,000,000.  The new internet candy retailer will service the growing demand for consumers to find their favorite bulk, gourmet, and gift confectionary products with great service, a unique and social shopping experience, competitively priced products, and expedited shipping.

The domain was purchased from a Florida based domain holding company run by legendary domainier Rick Schwartz (WorkSmarter.com) aka “Domain King” who last year sold the iReport.com domain to CNN for $750,000 and Property.com to Foreclosure.com for an undisclosed amount believed to be one of the most lucrative domain deals ever. Moniker.com was responsible for the escrow of the Multi-million dollar deal and was the final lynch pin in putting this acquisition together. Trinity Law Group, LLC which specializes in startups and emerging business provided the necessary documentation to complete such a deal.

Useful Link:

ricksblog.com/candy.com deal