Sex.com, considered to be one of the most bankable domain names on the Internet right now, will be placed in auction next week.

In 2006, the domain name was reportedly sold for $14 million. A lending firm in New Jersey backed that purchase. However, according to legal notices, DOM Partners LLC will foreclose the online property and will be due to auction on March 18 at Windels Marx Lane and Mittendorf LLP, a law firm in New York.

The bidding will start at $1 million for the Internet property that endured multiple lawsuits in the past as well as two books.

Online entrepreneurs are often the ones targeted by these auctions of simple domain names. In 2008, bids for www.pizza.com went way above $2.5million.

If sex is indeed a sellable online commodity, then sex.com may be the domain name with the greatest value in the world. According to a book, The Sex.com Chronicles by Charles Carreon, there was a time when the website was making a minimum of $15,000 per day.

Gary Kremen, chief executive of Grant Media and founder of Match.com, registered the sex.com domain name in 1994. In January 2006, Escom LLC was able to acquire the domain name from him.

A statement in 2006 announced that the sale was “believed to be among the most significant domain sale transactions in history.” No exact figure of the deal was disclosed but reports surfaced that it was about $14 million.

According to Scott Matthew, attorney for DOM, the lender’s loan to Escom has been in default for more than a year and DOM is just exercising its right under the security agreement.

Escom and sex.com did not issue any immediate statement about the upcoming auction.

However, one auctioneer, Richard Maltz of Maltz Auctions who will run the sale, said Monday that the interests for the auction are mounting.