The site earned on average $5K per year (claimed).
He listed it originally with a starting price of $40K and a reserve of $500K six months ago and shows the usual "my baby" arrogance in the comments.
Then got greedy and reslisted with starting bid of $90K (I'm sure there's a story behind that jump up ) Nobody bites. Nobody even comments.
So he starts a new listing with starting bid of $29K. Still not a single bite.
The next listing tries a starting price of $20K. C'mon, somebody, bid!
He finally drops to another listing with a $1 starting price and bidding finally gets going (though the reserve is probably still high)
By the time he's done he'll have paid Flippa more than he gets for his site!