NZ online auction house TradeMe has just been sold despite earlier pledges of “I won’t sell” by baby-tycoon Sam Morgan. He started up the eBay wannabe site in 1999 and despite attempts to compete it remains the dominant auction house in NZ.

But get this – he sold it for $700million! That’s alot of dosh being thrown around by Fairfax and it’s ex-All Black CEO David Kirk.

Stuff (also in the Fairfax stable) have an article on it: Fairfax acquires Trade Me for $700m. Lets hope Fairfax don’t spoil the magic!