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Millionaire.com Acquires Auction Gallery

Millionaire.com, a specialty retailer targeting affluent shoppers, has acquired The Great Gatsby's Auction Gallery, one of the largest collections of antiques, collectibles and architectural reproductions in the country.

Terms of the deal were not announced.

Great Gatsby's facility includes 100,000 square feet of auction space, three art galleries, an antique car showroom and a three-acre garden statue display. It features an inventory of more than 5,000 items.

Great Gatsby's reported revenues of more than $14 million in 1998 and a 14 percent pre-tax profit.

Ted Tzavaras, Gatsby's president, said the combination of Millionaire magazine, the Millionaire.com portal and online auction site and auction houses worldwide will provide Gatsby's worldwide exposure.

"Our near-term goal is to immediately integrate our online catalog with Millionairecom's online clearing house network," he said.

Robert White, Millionaire.com's president and chief executive officer, said Great Gatsby's is one of the most established and unique auction houses in the world.

"This acquisition further positions Millionaire.com as a force in the emerging online auction world, capable of redefending the standards of marketing to the affluent. As Ebay pioneered online auctions to the general public, Millionaire.com intends on defending this space for the affluent," White said.