iPhone pops up on eBay for $1200

  • Warren (MI) - It took less than 10 minutes for the first person on the East Coast to put Apple's new iPhone up on eBay.

    The Warren, Michigan eBay seller, whose username is firexonxme, says, "I have this phone on hand ready to get shipped out."  He says he purchased it from a retail Apple Store location.  He's asking for $1200 for the 8 GB iPhone, twice the retail cost.

    Within the first 15 minutes of the 6:00 selling time, there were at least four auctions with sellers claiming to have the phone in hand.  Several other auctions are from users who claim to be in line and will post pictures once they actually purchase the device.

    Most buy it now auctions are going for between $1000 and $1200.  Auctions with active bidders had not passed the $600 MSRP as of 6:15 PM Eastern time.