Current high bid for Gawker set at just $1.13M

In a case of how the mighty have fallen, the gossip website Gawker may be sold for just over a million dollars.

It is the same site that was worth an estimated $100 million before former pro-wrestler Hulk Hogan won a $140 million dollar judgement against the company for publishing his unauthorized sex tape.

The New York-based marketing firm Didit has offered to buy the shuttered site out of bankruptcy, according to the New York Post.

Potential buyers would have to offer at least $1.3 million at a July 12 auction to surpass the current bid, according to bankruptcy filings.

Experts had estimated the sale of Gawker.com could bring in at least $5 million.

Forty-five percent of the sale proceeds will go to Hogan and the rest to equity owners, including founder Nick Denton.