There is nothing wrong with what I proposed as a reason and it certainly doesn't rise to the level of "played the world for a fool." in any way.
"We thought the site was worth at least 2x the previous year's take. And if we didn't get that, it wasn't worth our time to deal with the transaction."
"it wasn't worth our time to deal with the transaction."
Your attitude is a total outlier. Enjoy your arrogance. You've got plenty of years to go to see how that works going forward.