AOL looking to sell Bebo for 98% less than they paid for it

After paying around $850 million for social networking site Bebo (you know, that one that you had an account at but disabled because it became embarrassing) AOL is looking to sell the website for around $10 million.

Under the intense and crumbling competition of Facebook, and, to a lesser extent, MySpace, the once thriving online community has abandoned it, leaving the site worth 98% less than what it was worth less than it was 48 months ago.

Michael Arrington of the blog, TechCrunch, had reported that AOL sold Bebo to a private equity firm for the measly sum, which he described as 'rather uninspiring'.