I get scam offers through Paypal all the time. If you agree to it, they will email you a fake/spoofed "you've received money" email from Paypal but nothing will actually appear in your paypal account.

I can't actually view that url because my work network filters it as "illegal" but I assume it is bullshit.

If it were me, I'd offer to sell it to him through SEDO or some other trustworthy domain market+escrow service. If he declines, he's scamming you.