Seller acquired the domain name from Great Domains over a decade ago.
Earlier this week Silicon Republic reported that Irish tech company Teamwork PM acquired the domain name Teamwork.com for $675,000.
I reached out to the seller, Alex Lerman, to confirm the sale and ask for more details.
He confirmed that the $675,000 sale took place via Escrow.com and the
seller buyer paid the escrow fees. He also gave this background:
I was fortunate to be an investor in premium generic domain names in the early days. In January 2001, I was approached by Great Domains (then a Verisign company) with an impressive inventory of available generic domains like Kind.com and Teamwork.com. I purchased Teamwork.com, brokered by Great Domains, from the previous owner for an undisclosed price. There were more twists and turn in the history of Teamwork.com, but I will spare you all the details.
I intended to develop Teamwork.com into a team-building website. However, once [Teamwork PM CEO Peter Coppinger] raised his offer to $675k I realized it could be win-win. For Peter, he could advance his business with a world-class, industry-defining dotcom. And I could accelerate development of other key properties. I wish Peter and everyone at the new Teamwork.com great success!
Congratulations to both Alex and TeamworkPM.
The details would have been the fun part 🙂 He basically confirmed the sale
Story makes no sense he waited over a decade to develop, and when he got a $675k offer, 10 years of non development went out the window.
Sounds like a typical domainer who buys a name with bright eyes, doesn’t know after to start, years roll buy, and lucky for him he has a great domain, with a good offer behind it.
AbdulBasit Makrani says
This is just the confirmation of sale but not much detail about the sale. Nothing much new 🙂
@Robbie – Typical domainer does not wait 10+ years. Typical domainer would sell it for $50k. This man knew real value of the domain name and he was willing to wait long enough to sell for right price. Like Rick with ebet.com
A typical domainer waits 10 years of he pays 6 figures, and doesn’t get an equal or better offer during that time… Who knows the real story… “This man” you sound like your in bed with him, get a room…
Rick has a very strong mentality, and has been selling some big names along the way.. Property… Candy… I report etc.. So he can afford to wait for the offers he wants as he has thousands of domains.
“So he can afford to wait for the offers he wants as he has thousands of domains”
Well if he has “thousands of domains” as good as the ones he sold for high amounts of money then he is most likely passing up many offers for much less than top dollar for those names. So you would have to multiple the offers he rejected by, say even 50 names per year and see if that added up to a total amount of money that seemed to make more sense than waiting for the big killing.
In other words 50 names per year at $50,000 is better than 1 name at $2,000,000. And if you divide “thousands” by 50 names per year you get enough years that Rick would be very old before he ran out of names to sell.
Domains, unlike real real estate are not easy to liquidate for a base value.
I don’t know how many domains Rick owns I am only commenting on the idea that if you really own thousands of “good” names it pays to wait for only super big offers. Otoh if you only own 30 good domains it might make sense.
Schwartz's Anus says
Even Schilling who’s done the math knows that’s the way to maximize profits.
Problem is Schwartz thinks every domain he owns is a Picasso
Obviously that’s impossible. Although overall quality is high.
(yes I’ve seen his list when he made listed it on erealestate several years ago)
FYI Schwartz is already in his 60’s. Owns 4000-5500 domains.
Aron - HA.com says
I take it, many people don’t know who Alex is. I think he prefers it that way. He has one of the most incredible portfolios out there – and I know he isn’t desperate to sell anything.
If you’ve ever searched for two letter .com domains, you have surely run into Alex Lerman’s name several times.
I wish we were all in the position to shrug off 6 figure offers, but the truth is, Alex is one of the few who can do that.
This is one of the very few sales you’ve made public.
PS: Does the huge sale of XC.com to a Chinese company ring a bell? That was making the domain news circuit two months ago.
Exactly he is a domain name investor, and yes he had his share of udrp’s including the famous sidetrack one recently based on the generic nature of his portfolio.
Robbie, what is the point you are trying to make here ?
Just so everyone knows the Robbie above isnt me from RobbiesBlog.com please don’t confuse the other Robbie’s comments as mine.
Sounds like Robbie not RobbiesBlog is pissed because he missed domain name gravy train.