I saw the listing prior to the auction and thought, "Is that domain really going to sell?" I suppose there are enough Americans that misspell Colombia that a site could still get some organic traffic. But Colombians will spot the misspelling in a heartbeat and will be turned off. A pure GEO Bogota.TLD would have commanded a hefty price as Bogota is the capital so it will be interesting to see what the new registrant does with the domain.
P.S. My wife es una Colombiana...