The company I work for haven't paid anywhere near 32m for a front end website, but we have used a few companies recently.
The jist of it, it that for 6 months they did a p*** poor job and knew they could get it past our sales / marketing team. Problem arose for them when the marketing team was so impressed they showed the dev team... we were less impressed. 12 months, £200,000 and every developer in that room knew they could of scratched it up in a week. It was so unpolished, broken libraries... it was a wreck.
Anyway that company that also wanted £32,000 a month for ongoing costs (website updates and marketing support) was binned a couple of weeks after the show and tell.
They weren't happy that the dev team had looked under the sheets and taddled on them :)