Lord Nut Levington Enters 'The Shark Tank'

A new take on a favorite snack was pitched in "The Shark Tank" Tuesday during an encore presentation of the ABC show.

Sanjiv Patel entered the Tank seeking $500,000 for 30% of his company, Lord Nut Levington Peanuts.

"Who is Lord Nut Levington?" he said."Urban legend has it that Lord Nut hails from Blighty, an unsavory land far, far away across the great pond know for its blandness and lack of flavor.

When he could stand it no longer, Lord Nut decided upon a self-imposed exile and set out for the exciting new world on search of flavor."

After sharing the silly origin story, he then shared some of the company's "highly-seasoned" peanuts.

Kevin O'Leary immediately asked for sales numbers and Patel responded that the company had done $700,00 in sales since its inception in 2011. In the last 12 months, the company had $300,000 in sales and it's not making money.

"You have a commodity in peanuts...I can but peanuts," O'Leary said.

The brand is currently sold in 600 stores.

Kevin O'Leary was the first to drop out.

Barbara Corcoran dropped out because she did not believe Patel had a passion for the product.

Lori Grenier followed dropping out because she cannot eat peanuts, leaving Mark Cuban and Robert Herjavec who dropped out because he did not see a plan. Cuban dropped out because he did not think the company had enough sales.

That left Lord Nut Levington without a deal.