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The entire process to about a year to lose 1 PR point (from a 4 to 3).
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That could be the result of Google algorithm tweaks as well though.
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Try duplicating the content on the site using the wayback machine to keep or hold on to the page rank longer.
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Not exactly a good idea. Just because you bought a domain, it doesn't mean you are the owner of its old content. While the risk is probably small, there are potentially serious legal problems with doing that.