AOL has finally found a buyer to offload Bebo, the social network site they purchased in 2008 for $850 million. The network since that time has been a monumental flop for the company.

AOL has been searching for a Bebo buyer for quite some time now, announcing in April that they would shut down the site if a suitable buyer could not be discovered.

At this time the buyer has not been revealed, what we do know is that the move matches AOL’s recent sell off of poorly performing and poorly managed programs including their ICQ program which was picked up by DST. Unlike Bebo ICQ is at least still popular in certain countries.

Mashable says AOL sent a message to employees several months ago in which they said they would “complete [its] strategic evaluation [of Bebo] by the end of May 2010.”

It’s amazing to watch a companies value fall from $850 million two years ago to what we assume is virtually nothing today, unfortunately sale numbers have yet to be released. I’ll file this one under developing…