Bankaholic, a one person blog covering the finance sector has been acquired by financial information service provider Bankrate for $15 million.

The sale was said to have been completed prior to the latest crisis on Wall Street and Johns Wu, founder and sole employee of Bankaholic, has been paid $12.4 million for his financial blog and may receive up to an additional $2.5 million over the next year.

Bankaholic provides rate information on savings products, such as certificates of deposit, savings accounts, and money market accounts, as well as insurance quotes and a comparison of the best credit card offers, which are currently powered by Bankrate. In addition, Bankaholic offers consumers advice and information that allows consumers to comment and rate banks and their promotions through social networking features.

The blog, created in WordPress receives income from Google AdSense and credit card affiliate links. “We have been working with Bankaholic in a co-brand relationship since July and have seen first-hand the volume and quality of its traffic,” stated Thomas R. Evans, President and CEO of Bankrate. “Bankaholic is ranked high in natural search for both deposit and credit card keywords. We believe their organic traffic will increase our deposit and credit card revenue, and with a high composition of free traffic, will help to improve margins,” Mr. Evans added.

I think this blog was definitely over priced though. Traffic isn’t brilliant, matched by irregular posting at best. Quantcast shows 156,000 uniques on 263,000 visits, Compete puts the unique number at 300,000 and Google Trends reports around 8,000 visitors per day to Bankaholic. The site has an Alexa ranking of 42,000. Since September 14, there has been only 9 posts to the site, and comments vary from a few through to the highest at 20.

So what do you think? Is it a bargain at $15 million?