The 40-year-old billionaire who owns the content subscription service OnlyFans has put his site up for sale but is struggling to find a buyer because of its X-rated business model, a report by the New York Post said.

Leonid Radvinsky bought OnlyFans in 2019, but is now looking to sell the platform even after it raised his net worth to $3.8 billion, the New York Post said, quoting three sources close to the situation.

Radinsky immigrated to the US from Ukraine as a child and studied economics at Northwestern University. He lives in a Miami penthouse with his wife after earning $472 million in dividends from OnlyFans till November 2023, according to public records.

According to the New York Post, Radinsky’s earnings were almost all of the profits generated by the platform, which is reported to have about 40 employees.

Billion dollar earnings

According to the last available UK financial filings, cited by a Bloomberg report, from 2021 to 2023, his total payouts rose to more than $1 billion from OnlyFans’ holding company, Fenix International Ltd., which he owns.

“OnlyFans is a revolutionary platform which continues to lead the creator economy. As with any business of this scale, it is natural that we are open to discussions about how we continue to build on our success,” an OnlyFans spokeswoman told The New York Post.

The report also claimed that the site could be sold for between $1.46 billion and $2.42 billion, according to insiders.

“You’re looking to find billionaires and trying to sell it as not an adult content company but just a platform like X that allows adult content. But I think most people now view OnlyFans as an adult content company,” the New York Post said, quoting a source.

(Also read: 34-year-old quits banking job, becomes porn star for better work-life balance)

US biggest market

OnlyFans takes a 20% cut from its 4 million creators, who produce content for a user base of 300 million subscribers. Since the platform isn’t available on app stores, it avoids sharing revenue with Apple or Google. According to UK filings, two-thirds of the company’s $1.3 billion revenue or about $863 million comes from US customers.

Tim Stokely launched the platform in 2016 as a space for musicians and influencers, but after acquiring it, Radvinsky removed restrictions on pornographic content. OnlyFans saw explosive growth during the COVID-19 pandemic. In 2021, Radvinsky tried to ban sexually explicit content, but the decision was reversed within days.