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AOL Sells Bebo for $1M Back to Founders It Bought It from for $850M

Posted: Jul. 3rd, 2013  |  By DailyLuxe News

Ewan Mc Intosh/ Flickr

So, it must be good to be AOL. There aren’t many firms that could absorb an $849-million, shrug it off, and move on to the next project (yawn).

AOL felt it never found a use for Bebo.  That did stop the company from buying the fledgling social network for $850 million from its founders, Xochi and Michael Birch, in 2008. So, AOL sold what it purchased back to the original owners.    

Additionally, Venture Beats reports that the Birches will attempt to reinvent Bebo and give it relevance, which does remain questionable whether their optimistic goal will become a reality.

What else is going on with those Birches?  They will open the Battery, an elaborate, brick-and-mortar social club, this summer in the San Francisco area.

The Battery is slated to open at the end of this summer and will feature a restaurant, gym, 20-person hot tub, game room, wine cellar, five bars, and, of course, a koi pond. The property cost $13.5 million in 2009 and Birch said that future features include “a chandelier of taxidermic seagulls in full flight” and a “23,000-pound suspended steel staircase.”

Read More on venturebeat.com
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