Cendant Corp. has sold another block of Homestore shares.

The real estate franchisor sold 2 million shares of its investment in the online real estate company Feb. 27, 2004, at $4 per share, according to a report filed with the Securities and Exchange Commission.

Cendant still owned more than 9.4 million Homestore shares after the sale. Those shares equal 7.84 percent of Homestore’s common stock, based on a total of 120 million-plus shares issued and outstanding as of Oct. 21, 3003.

The February stock sale continued a trend. Cendant sold 6.7 million shares of Homestore stock in January 2004 and December 2003 for proceeds of nearly $26 million. Cendant owned more than 11.4 million shares, or 9.5 percent of Homestore’s outstanding shares, after those transactions.

Cendant became a major stockholder of Homestore in February 2001, when the real estate franchise chain owner sold its Move.com unit to the southern California-based online real estate company in a deal worth $700 million. Cendant received approximately 26.3 million shares of Homestore in the deal, which gave Homestore title to Move.com, Rent.net, House.net, SeniorHousing.net, Self Storage.net and Welcome Wagon.

Cendant distanced itself from Homestore when the dot-com became embroiled in an accounting irregularity scandal. In May 2002, Cendant wrote off its investment in Homestore, according to a company press release.

Cendant owns the Century 21, Coldwell Banker and ERA real estate franchise networks, the Cendant Mobility relocation service and NRT, the nation’s largest real estate brokerage, among other companies.

Homestore operates the Realtor.com Web site for the National Association of Realtors and sells Realtor.com-related marketing opportunities to Realtors, among other business lines.

***

Send a Letter to the Editor for publication.
Send a comment or news tip to our newsroom.
Please include the headline of the story.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription