The domain name auction was successful. Because the auctioner was not paid,it received $ 842,000 and the solution fee

Industry Information 22 Sep 2023 11:52:47 AM By:DN domain name editor
Abstract:

The recent lawsuit settlement should serve as a warning to domain auction bidders: do not bid on something you cannot afford.In February 2021, Right of the Dot hosted what appeared to be a highly successful domain auction.

The recent lawsuit settlement should serve as a warning to domain auction bidders: do not bid on something you cannot afford.

In February 2021, Right of the Dot hosted what appeared to be a highly successful domain auction. A single bidder offered $4.85 million: Bird.com at $2.5 million, Fish.com at $1.6 million, and Tattoo.com at $750,000.

That bidder was David Lizmi, who ultimately did not pay for the domain names.

Overall, this was a stain on Right of the Dot and the domain auction industry, especially considering it wasn't the first high-profile auction failure.

The domain name auction was successful. Because the auctioner was not paid,it received $ 842,000 and the solution fee

As a result, Right of the Dot (along with the sellers of bird.com and fish.com, Bolton Properties) decided to sue Lizmi. Lizmi counter-sued, and the two parties reached a settlement earlier this year. The settlement came after the 2021 auction failures of Fish.com and Bird.com.

According to court documents, the parties eventually ruled that Lizmi would pay $842,418.75, with an interest rate of 6.58% on the unpaid amount.

We do not have details of the confidential settlement, so it's unclear whether this was a direct cash settlement that Lizmi had to pay in full. Nevertheless, it was a significant settlement. It should serve as a warning to those bidding in auctions that they cannot afford.

Many people have stated that they would never consider participating in auctions they couldn't afford. However, I believe it's more common than you might imagine, especially for high-value domains. For instance, people might find it tempting to bid $900,000 for a domain with a $1 million reserve. But what if the reserve drops?

If you're going to participate in auctions with others, make sure they are bidding with cash.

Right of the Dot and the domain sellers had a somewhat fortunate outcome. Tattoo.com was not included in the lawsuit as the auctioneer had already sold it to someone else. Bird.com was eventually sold to MessageBird.

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The domain name auction was successful. Because the auctioner was not paid,it received $ 842,000 and the solution fee