Buy another link of equal value. Buying text links is effective as long as you continue buying them. While I have and do purchase text links, I follow on with unpaid link building. If you have great content, this is not a problem.
I dunno - I was spending $350 per month for the link. It sold at auction last night for $1500 - it's worthless except for pagerank so whoever got it will be in for a nasty shock. What do you think I could do with that budget?