A Surrey businessman has rebuffed an offer of 4.7 million, half of it in cash, for the domain name e-buy.com.

What is the failed bidder, US firm Ebuy, inc. to make of its rejection?

"Of course [the offer] was tempting," Peter Littke told the FT. "There is no point denying that. It’s enough money to live on for the rest of your life, if you used it well."

Littke reckons he can make more money out of the URL by attaching it to his own Web site, a – get this – an online department store, which has been in development for three years. Is he mad?

Littke is still seeking funding for e-buy.com, which launches in July. ®