Just to make sure that stupidity is a trait shared by all humans, we have Tony Levene writing for the UK Guardian: Landbanking flop ends field of dreams.
One of Britain's biggest landbankers has gone bust, leaving investors who paid a total of £7m for tiny slices of farmland, wondering where their money went. Land Heritage (UK) Ltd told 700 land purchasers this week it was going into liquidation on the "advice" of accountants PricewaterhouseCoopers (PWC).
It told them to direct future correspondence towards PWC. But when Guardian Money contacted the accountancy firm, it said it had never heard of Land Heritage (UK) Ltd.
"Whatever LHUK says, we have not been instructed by this company and will not be. We have not provided any formal advice and we have not billed the company for anything. We shall not be handling any liquidation - we have no relationship whatsoever with it," PWC says.
Whoever acts as liquidator, the end of LHUK destroys what slim hopes investors had of the firm turning their minuscule plots into potentially valuable housebuilding sites - or of getting any refund.
"I fully expected 20% annual returns over the next decade - multiplying my money up to eight times. I know that's a lot but I did not go into this investment with my eyes closed," says one Kent investor who asked for anonymity.
Now all he has is title to a plot of land in the middle of a field which is unlikely ever to gain planning permission.
Wow, this is stunning in its sheer panoramic scope.
A worthless piece of land in the middle of nowhere, no planning permission ergo no way to access your own piece of land. The land is literally worthless! You could probably plant vegetables on it, if you got air-dropped or something.
A company that PWC has never even heard of, and an investor who was multiplying his "mental money" by "up to eight times".
Stupendous, just absolutely stupendous!
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