Bought an upcoming celebrity domain .com

Hi everyone. Long time reader, first time poster, and a complete newbie to domaining. However, I just purchased a domain of an exact name of an emerging celebrity, who will no doubt be an overnight sensation.

I got it for 8.99 with whois protection from internetbs, and I'm not really sure what I need to do with it. I have a few questions.

I only purchased it for one year. Should I have gone with a longer purchase?

If this person becomes really super famous (which this person probably will) will internetbs charge me more to renew it?

I do not plan to develop the site at all, is there a way to park it to get ad money? Any better ways to monetize it?

Anyone experienced with this sort of thing, able to offer any suggestions? Any help would greatly be appreciated it. And yes, I've been searching the forum for the past 3 hours for information on this very thing. I'm just hoping I could get more specific help.

I'm going to treat this as the next Justin Beiber basically, or maybe even the next Boxxxy.

Who's Justin Bieber?

You gotta be careful with celebrity domain names. There have actually been cases in the past where the celebs publicist or agent finds the owner of the site and sues the crap out of them if they don't like the content of the site.

Also i bought a trending celeb name domain once thinking I could make some easy money, or sell it for a quick flip. It turned out being harder than I thought to monetize the site. I guess a way that you could indirectly monetize it would be to direct visitors to a facebook like page and a twitter page and get them to follow you. Then you could periodically promote offer through there. Or I guess if you start to get some good traffic to it, you could park it and try to make money that way.

Hope this helps

The best way to earn from celebrity domains is a fansite with adsense. Been doing with many .net and .info EMDs of different celebrities over several years and never had problem. However, things might change if the domain is .com because they would be eying it too for official website.

If I were you I'd make a basic site/blog for them, nothing fancy. Throw adsense on it and put a "this domain is for sale" sticky on it or something.