MILLIONAIRES AND BILLIONAIRES WHO ARE DOWN ON THEIR LUCK NOW HAVE A NEW PLACE TO SELL THEIR MEGA-YACHTS, LUXURY CARS, AND FAMILY JEWELS WITHOUT HAVING TO RESORT TO THE LOCAL PAWN SHOP. AN INTERNET AUCTION SITE DEVOTED TO MILLIONAIRES AND BILLIONAIRES OFFICIALLY LAUNCHED MONDAY, AND IS LIKELY TO PROFIT FROM THE WORST RECESSION IN DECADES. BUT YOU REALLY HAVE TO BE AT LEAST A MILLIONAIRE TO JOIN: BillionaireXchange.com REQUIRES THAT YOU HAVE A MINIMUM OF $2 MILLION IN NET WORTH BEFORE BECOMING AN EXCLUSIVE MEMBER. THE COMPANY SAID ITS WEBSITE AIMS TO EXPLOIT A MARKET NICHE BETWEEN INTERNET SALES SITES SUCH AS EBAY, WHICH ARE AVAILABLE TO THE GENERAL PUBLIC, AND AUCTION HOUSES SITES SUCH AS SOTHEBY'S AND CHRISTIE'S FOR THE FINE ART AND COLLECTIBLES. GIVEN THE NATURE AND PRICE OF ITEMS AUCTION HOUSES COME TO MIND AS POTENTIAL COMPETITORS. BUT BillionaireXchange's COMPLETELY ON-LINE MODEL, IS LIKELY TO HAVE A KEY DIFFERENCE. THE SITE FACILITATES SALES AND TRADES OF EVERYTHING FROM FINE ARTS AND ANTIQUES TO COMMERCIAL PROPERTIES, BUSINESS AND FORECLOSED HOMES. ABOVE ALL ELSE, IT AIMS FOR COMPLETE PRIVACY AND EXCLUSIVITY, REQUIRING OF PROSPECTIVE MEMBERS A MINIMUM OF $2 MILLION IN VERIFIABLE INCOME. BillionaireXchange HAS REPORTED THAT IT HAS ALREADY PLAYED A ROLE IN THE SALE OR EXCHANGE OF MORE THAN $180 MILLION IN ASSETS DURING A TEN MONTH TEST PHASE, AND HAS NOTICED A TREND OF DISTRESSED TRANSACTIONS FROM AMERICAN CLIENTS. BillionaireXchange WILL CHARGE SELLERS A FEE OF 5% OF THE SALES AND SAID IT WOULD HAVE GENERATED APPROXIMATELY $8.75 MILLION IN REVENUE HAD THOSE FEES BEEN CHARGED DURING THE TEST PHASE. THE MIAMI-BASED COMPANY SET HIGH FINANCIAL QUALIFICATIONS MAKE SURE BIDDING FOR THE HIGH PRICED ITEMS WOULD BE TAKEN SERIOUSLY, ACCORDING TO A COMPANY SPOKESPERSON. OVERALL, THE FIVE MEMBER FIRM CLAIMS MORE THAN 26,000 MULTI-MILLIONAIRES AS WELL AS 'NEARLY A DOZEN' BILLIONAIRES AS ITS MEMBERS.
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