Might be worth less than you think because of obvious trademark issues for an ebay-like service. Not guaranteed to be a problem, but a risk.
Its a valid point, and I did a bit of homework before I got involved in bidding for this.
See on valuate.com I searched "freebay.com" and it gave it a value of $0 because of the risk associated with trademark infringement with ebay. (That said the site is online and hasn't been taken down...the comments at the top of the page are quite amusing). However for bitbay.com it estimates a value of $770 based on the traffic of the website back in its former life (pre bitcoin) and doesn't mention a risk of trademark infringement, its not like ebay can take issue with every website that uses the word "bay" in the title.
Also as I mentioned in my original post, the website wouldn't have to be an online marketplace, it could for example be a currency exchange and then I don't see how ebay would have a leg to stand on.