The controversial gossip Web site JuicyCampus.com is no more.

Web site founder and CEO Matt Ivester announced the shutdown on the Web site’s official blog on Wednesday. Ivester said a loss of online ad revenue and venture

capital – not school censorship, a lawsuit or investigation – was to blame.

“Unfortunately, even with great traffic and strong user loyalty, a business can’t survive and grow without a steady stream of revenue to support it,” he said. “In these historically difficult economic times, online ad revenue has plummeted and venture capital funding has dissolved. JuicyCampus’ exponential growth outpaced our ability to muster the resources needed to survive this economic downturn, and as a result, we are closing down the site.”

The shutdown became official on Feb. 5.

More than 500 schools were listed on the site, and Ivester said it had more than a million visitors every month.

Created in October 2007, the site became a source of frustration for students and administrators across the country because users could post anonymous comments about anyone or anything. Often, posters would single out students for insults or gossip.

Many schools banned the site, which caused JuicyCampus to bring a lawsuit against Tennessee State University citing the students’ first amendment rights.

At SMU, the site had a bigger problem, which presented itself last year when a student told police she had been sexually assaulted. Site users then posted the student’s identity online and began to launch attacks against her.

Since that time, other reports of sexual assaults have been discussed on the Web site, but neither party was identified.

SMU did not ban the site, but Student Senate looked into the matter to see if anything could be done to stop the vicious nature of the posts.

“At the end of the day, it’s something we have to change within ourselves,” Student Body Vice President Patrick Kobler said during a meeting last November.

As it turns out, no action will be needed. JuicyCampus said it has no plans to return as of now, but it does plan to keep its Customer Service e-mail account open.

It also said it would keep any Internet Protocol addresses private unless subpoenaed.

“While there are parts of JuicyCampus that none of us will miss – the mean-spirited posts and personal attacks – it has also been a place for the fun, lighthearted gossip of college life. I hope that is how it is remembered,” Ivester said.