From the eBay page:

Hi there, my name is Ron Steen. I am selling 2% of my future earnings for a chance to go to college. I am offering up 2% of every dollar I make for the rest of my working life for a starting bid of $100,000. I am starting Cal State University of Fullerton on August 21st, 2006 and I want to pay for college and its expenses by myself. In exchange for money to go to college I will send you 2% of whatever my income is annually in the form of a check once a year. This also means if I win the lottery you will get 2%, any income is your income (but I don‘t play the lottery so don‘t count on that one) The papers will be drawn up by my lawyer and you are more than welcome to look them over.

Link: eBay: 2 % of Ron Steen’s Future Earnings For College Money

I found this via reddit, then looked for blog quotes via technorati — not many people writing about this yet, let’s see how it develops.

Link: technorati search for the eBay article URL

Update: LazyMotivation.com publishes an insightful analysis of the auction, including a judgement of the value of this investment, and a list of false claims made by the auctioneer which makes this sound rather fishy. And: eBay took the auction down.

Link: LazyMotivation.com: Ron Steen lied about his SAT scores!