Wouldn't we all prefer him to spend it on buying UO back off EA?
Much as it would be nice, I can't see it happening. Too much water under the bridge.
EA have already sold rights to NetDragon to produce a "new" UO for the Chinese market, so they've potentially got too much tied into their "investment" to sell it any time soon. I'm talking more about the rights and brand, than the game itself though.
Garriott has mentioned in a few interviews though (because he retains the rights to "Lord British"), that he would like to do a "Lord British themed" game of some sort.
Aside from that, it's pretty clear that his and Portalarium's focus, is on the potentially more lucrative, cross-platform "Portalarium Player", aimed at the huge social networking market. He could potentially integrate his "Lord British themed" game (if it ever happens...) into that project.