With all the media coverage, long lines, and people struggling to get their hands on one, many wannabe profiteers assumed that when the iPhone was for sale on Craiglist for $1,500 it would sell in no time. Guess again. When a hopeful iPhone profiteer expected to make a few bucks by selling the 8GB phone on eBay (with a start price of $100), they actually ended up losing $40 after shipping, insurance and eBay/PayPal fees.
The Mercury News reported that on the last day of the five-day auction, the price finally inched its way to $300 (still $300 under the original price tag) and eventually got up to $600 and then $665. Definitely a far cry from what the seller had hoped to get!