Real estate Web site BuyOwner.com, once considered the nation’s largest for-sale-by-owner company, has been sold for $1 million.

Since 2008, the company has faced a sharp decrease in revenue--from more than $28 million to less than $250,000 in July 2010.

Utah entrepreneur Jonathan Holbrook purchased the site and has plans to hire additional sales and customer service agents for its headquarters office in Deerfield Beach, Fla., and its Chicago office.

The proceeds from the $1 million sale will go to pay the company's creditors.

Source: “BuyOwner.com Sold for $1 Million to Pay Creditors; Company Revenues Fall Sharply After 2008,” Associated Press Newswires (Feb. 8, 2011)