Digg.com, the 7 year old website that was one of the earliest UGC (User Generated Content) portals with Up/down voting features, sold to New York based Betaworks.

A report on the WSJ also puts the selling price at $500,000, which pales in comparison to Digg.com’s $160 MILLION valuation not too long ago.

Digg is said to have received higher offers from bidders in technology and publishing industries as well as a few start-ups but ultimately agreed to be purchased by Betaworks because they seemed to have the best plan for reviving the brand, according to people familiar with the matters.

Some of you might remember back in 2008, Google was rumored to be in talks with buying Digg for a reported $200 million.