Lunar Land Grab: Celestial Real Estate Sales Soar

[Ivan Seeking]

More than 2.5 million people from 180 countries have bought property on the Moon and Mars in sales that reached $1 million last year. The scheme is bogus, legal scholars argue, but business is booming and futurists have been forced to ponder the fate of celestial property rights.

Meanwhile, the "Head Cheese" of the whole shebang asserted last week that his Galactic Government flag will be planted on the Moon by the end of this year. [continued]

http://space.com/scienceastronomy/mystery_monday_040202.html

[motai]

This Hope person mentions about the Homestead act in aquisition of outer-earth territory...

Hope also cites the U.S. Homestead Act of 1862, which through 1986 allowed an individual to claim property by occupying and improving it. Yet in some countries, Hope contends, not even occupation is necessary to homestead some land.

The United States Homestead Act of 1862 was originally meant to provide stimulus for family farms (the "backbone of democracy"). According to the act, land could be bought for living on it for five years and paying a nominal fee of $30, or $1.25/acre after six months residence (bear in mind the current inflation rates). Unfortunately, the Homestead Act was rather more of a hoax because unirrigated land past the 100th meridian proved to be impossible to grow crops.

I highly doubt there will be use for large plots of land in our solar system other than Earth to grow crops. How could someone "improve" an extraterrestrial plot of land? Someone could build something on it, but if it weren't doing anything other than mining it would prove to be unprofitable, as building it would cost money.

Many of the people in the ninteenth-century who bought land under the Homestead Act while past the 100th meridian lost a lot of money as the land was mostly barren and unsuitable for farming, and only after rivers were diverted was the land able to be used. The only things that could possibly grow in this area before irrigation was the tough Russian wheat grain, and even then the (very little) topsoil was rapidly used up.

The idea for selling lunar property came to Dennis Hope in 1980. He recalled the 1967 United Nations Outer Space Treaty, which stipulates that no government can own extraterrestrial property. But as Hope says, "it neglected to mention individuals or corporations."

Now, why in the world would land aquired through a loop-hole be possibly useful to an average family on another planet?

[Nommos Prime (Dogon)]

Posted by motai;
“Now, why in the world would land aquired through a loop-hole be possibly useful to an average family on another planet?”

Mining rights..

Like the Wild West and the rush to the gold fields...there's heavy elements in that there Moon!

[motai]

But wouldnt a mining operation be a rather costly undertaking for the average family? It seems like it would be unprofitable unless one has the money to set up the refinery.

[Nommos Prime (Dogon)]

When an earth-orbit "port" is constructed (similar to the ISS), it will cost next to nothing to send unmanned (or manned) shuttles to the Moon.
Hardly any fuel is required to return heavy elements to Earth.

Mining companies and engineers are taking trhe idea quite seriously;
http://www.psrd.hawaii.edu/Nov00/mining.html

[the_truth]

As usual, the land will belong to whoever has the power to keep it. Once the moon becomes precious, most likely these people's moon land is oing to become void as rich companies and investors wish not to pay the millions of pounds that the land now costs.

This is of course assuming that we do not suffer a fossil fuel crisis in the next century.