A portfolio of more than 150,000 domain names has sold in a bankruptcy auction for $5.2 million.

Yet that might not be the end of it.

The auction was of two separate portfolios and were part of bankrupt firm Ondova. The $5.2 purchase price is 26.8% over the stalking horse bid.

The domains had significant traffic and revenue.

The first portfolio of about 3,000 premium domains earned close to $400,000 in the 12 months ending September 30, 2012. The second portfolio had 150,000+ domain that averaged $12.60 in revenue in the same 12 month period. After domain costs that netted out to $3.80 per domain, or net revenue of around $580,000.

That means the overall sale was about 5x-6x earnings. The premium domains probably have value above the PPC earnings yet the larger portfolio definitely has some trademark issues.