Bed Bath & Beyond paid only $12 million for One Kings Lane, a startup once worth $900 million

At its peak, One Kings Lane was worth $900 million, nearly a member of the exclusive billion-dollar startup club. But when it was bought by Bed Bath & Beyond in June, it sold for a fraction of that.

According to Bed Bath & Beyond’s most recent quarterly earnings filing, the home-goods website was sold for just $11.78 million. (Fortune’s Dan Primack previously reported the number.)

At the time of the sale, Bed Bath & Beyond declined to disclose the sale price, saying at the time of the acquisition that the purchase price was “not material.” Previous reports had the price at “less than $30 million.”

One Kings Lane was at one point a fast-growing flash-sale site for home goods that raised more than $225 million in venture capital. The site came of age during the Gilt Groupe era, where flash sales were hugely popular, and One Kings Lane once had a valuation of more than $900 million. But flash-sale sites fell out of favour after about 2010, and Gilt Groupe, Fab, and now One Kings Lane sold for far less than their lofty valuations.

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