Real Estate Sales on the Moon Slow to a Crawl After Legal Action
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Talk about a housing bubble collapse. The sale of property on the moon fell significantly over the past quarter after Chinese officials stripped the real estate company of its license to sell acres of land online. The company, Lunar Embassy was selling the properties for under $40 an acre.
There are reports that you can still buy land on the moon in the United States, but with such a depressed market prices are now starting at $20 an acre and are expected to fall quickly.
So to summarize, Moon real estate bubble collapsing, news at 11. Now we return you to your regular programming.
In response to it having its business license revoked by the Haidian District People’s Court in 2005, Lunar Embassy sued the Beijing Administration of Industry and Commerce. However, its appeal was lost due to previously enacted space law. The Chinese court that heard the case, Beijing First Intermediate People’s Court, cited an international treaty that China signed in 1983. The treaty stated, “…outer space, including the moon and other celestial bodies, is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by other means. The exploration and use of outer space shall be carried out for the benefit and in the interests of all countries.” [India News]
However, Lunar Embassy still has an active Web site: http://www.lunarembassy.com/. It appears that the company is still selling lunar property to other countries around the world, just not in China anymore. The company markets itself as, “The founders and leaders of the extraterrestrial real estate market.”
It appears that U.S. citizens can (supposedly) buy an acre of the Moon for $19.99,. Of course, lunar tax will cost you $1.51 and shipping and handling of the paperwork is an additional $12.50. via iTWire
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Comment by apella on 17 March 2007:
Well that is ok because now that there is water ice on mars who wants to live on the moon other then to save on the comute.