MIAMI — The real estate website has sold for $1 million.

The Daily Business Review reported Tuesday that Utah entrepreneur Jonathan Holbrook bought the site. It was once billed as the nation’s largest for-sale-by-owner operation.

Holbrook told the paper he intends to close the sale Wednesday. The proceeds will be split among the company’s creditors.

The Florida company’s revenue has declined sharply since 2008, from more than $28 million to less than $250,000 last July.

Since July, the company has generated about $588,000 in revenue but after expenses netted only $56,000.

Holbrook said he will hire additional employees, including sales and customer service agents for the Deerfield Beach, Fla., headquarters and the Chicago office.

Why did they lose so much revenue? There’s probably quite a few reasons for this. One of the main reasons, I believe, is that as transactions have gotten more difficult and home prices have dropped further than most sellers want to acknowledge, the general public has been forced to turn to the experts to help guide them through the process of selling their home. Also, with most markets still having a high number of foreclosure listings, banks don’t usually sell FSBO, they list the home with a REALTOR.