I recently put out an inquiry to a domain that is currently registered under a private registration. The actual domain name is simply parked with no contact information on it, so I had no alternative but to see the Who Is record. In any case, he's asking 6 figures for the domain name which to be frank isn't worth the price even if the site is developed and selling.
At present, he's just squatting on the domain (and has every right to), but at some point in time he probably told his registrant that he wouldn't even entertain any offers less than 6 figures. I'd give the guy 10K+ for the domain, but I can't get an offer through to him. Is there any way around the privacy registrations?