Yikes. Seven figures for a domain name... whodathunkit? It's not like the guy was just some hack trying to cash in - he bought the domain back in 1995, & was actually trying to build an internet phone company. Sure enough, iPhone.com now re-directs...

"Upon closing the deal, Michael changed the name servers over to Apple.com and now Apple controls the DNS. The domain is still in Michael’s account under Domains by Proxy but Apple plans to transfer the domain in the next week."