[phphphphp]

Either you're a fraud or a fool.

The land registry does not list "transaction fees" and neither do auction houses. If the land was indeed purchased for a large amount of money, the buyer (who is now the seller) would need to have purchased it... either in cash, or with a mortgage. There's no mortgages outstanding for the company (per companies house) and the company has no money.

I'll be charitable and assume you're just a fool: you've been played by your property agency partners, and the "member of your team" is of course, I'm sure, the person who provided the valuation from their "independent" valuer (because they're the property expert after all).

You can go on rightmove or an auction website right now and see comparable land available for <£100k. The basis of your defence was that of course the land is worth a lot because land in the UK is worth a lot but that's just not true, the only place where parking spaces sell for more than £7,000 is in London: in 75%+ of the country, you could buy 1 acre of land for £7,000.

The value of unused land for sale is a function of the amount of realisable value, for example, if there is a piece of land with planning permission for a 5 bedroom house in an area where a 5 bedroom house sells for £1,000,000, the price of the land would be something like £1m - (cost of building a house) - (some adjustment for the risk borne by the builder which becomes their profit), e.g: £500k.

If your 1.72 acres of beach front land is worth close to £2,000,000 that would mean there is much more than £2,000,000 realisable value for an owner of the land. Please, think through how you could conceivably realise millions of pounds of value from a piece of land that you are unable to build on.

Land in the UK is plentiful, the reason that a small proportion of land here is expensive is because only a small proportion of land is suitable for development and has permission for development. You could buy acres and acres of land anywhere in the UK for the price of 1 months rent in London... because the land is undevelopable, because you'll never get permission to develop.

The idea that an acre of beachfront is worth millions, when it has much less than a million worth of realisable value, is absurd. You're a business man, write a business case for this land.

If £7,000 was a "transaction fee" then is this other auction, with a listed sold price of £130,750, a transaction fee of £130k for this piece of land? And if so, is this land worth (130,750 / 7000) * 1,900,000 = £35 million?

https://www.cliveemson.co.uk/properties/237/15/

[leashless]

Eh. I’m sorry, I know you feel like you’ve got relevant expertise here and you’re doing some kind of public service here fighting with those evil blockchain people.

But you’re out of your depth and making very week assertions to cover the gaps in your data.

If you want to NDA and talk directly to the sellers of the land about the commercials of the deal, that can probably be arranged. But your speculation is based on weak data not access to the facts, and is not really going to replace things like an independent valuation and the opinions of the experienced real estate lawyers who papered this deal.

Yes, it’s a novel way to buy land, but the underlying deal mechanics are pretty conservative. There is nothing up anybody’s sleeves, and we encourage full diligence from any prospective buyers - they’re going to need to bring their own legal counsel to assess the purchase mechanisms and the NFT binding arrangements anyway.

This is not some deal to retail: we expect the sale to be to a real estate developer.

I don’t think there’s anything else I can do to convince you of your error.

Thanks for your interest in our work.

[leashless]

Also this “close to the sea front” land you have posted appears to be “close to the sea front” in the sense of “being in the middle of a housing estate somewhere near the sea” not an actual beach.

And that’s valued at 130,000?

I’m just sayin’ 7000 does not buy very much land in the UK. Not anywhere.

[phphphphp]

Oh, so you acknowledge that the listed price of £130,000 is the value? Thank you, so by extension you acknowledge that £7,000 was the sale price of the piece of beach.

I'd also suggest you re-read my comment: land has value when it has planning permission. The £130,000 piece of land is valuable because it has planning permission that would allow a developer to sell a house for ~>£250k on it. The size and location of land is immaterial to the value of land unless the size and location increase the amount of money that can be extracted from the land -- typically through development. The entire point of my comment is that the desirability of land is not based on how cute it is (a slice of beach) but rather what it can be used for (even if it's in the middle of a housing estate).

I'll stop commenting now because I'm just beating a dead horse (...or donkey, I guess your land could be used to offer beach front donkey rides, so that's something...). I wish you luck, it's clear you've been taken advantage of and that's unfortunate: if you come to your senses, there's lots of land all over the UK that is actually valuable, and once you cut off your current partners and partner with some legitimate property industry people instead, I am sure you can make a much better go of NFT property sales :) Good luck!

[leashless]

As noted the 7000 was a transaction fee. The land was part of a more complex deal.

As for the rest of this: land gets planning permission when plans are presented - which is what property developers do for a living.

I would not expect somebody to plank down >1m on an asset they had no idea how to utilise: the expectation is the land will sell to a developer who is ready to go through that process.

What else would anybody do with it?

[phphphphp]

Nobody is going to buy it for >£1m because it's worthless. That's the point. Although at this point I am not sure what your story is, if I understand it correctly, you're saying West London Lets bought it for >£1m with no idea what to do with it...? Except they didn't, are you finally going to give up that charade given that you can see the purchase price on your own website? Here, read this: https://passport.mattereum.com/West.London.Lets.01/01_Identi...

"Title absolute 1 (28.02.2022) PROPRIETOR: WEST LONDON CITY LETS LIMITED (Co. Regn. No. 09214284) of 68 High Worple, Harrow HA2 9SZ. 2 (28.02.2022) The price stated to have been paid on 20 October 2021 was £7,000. 3 (28.02.2022) The Transfer to the proprietor contains a covenant to observe and perform the covenants contained within the registers of the..."

If you're going to lie, at least make sure your own website doesn't betray you :) Or, going back to the original point about stamp duty, the alternative is that your partners engaged in fraudulent reporting to evade stamp duty and your comments here are exposing them.

[leashless]

As noted, we have an independent valuation on file.

And the 7000 was part of a more complex transaction.

You simply don’t know what you’re talking about. You cannot buy a chunk of English coastline for 7000!

That’s just batshit. On your bike mate.

[dgroshev]

Oh my god, looking at one of your reports [1] I just realised what could have happened

Please tell me you didn't get a valuation for the whole plot HP123436 instead of the sliver that is actually in that title and is described on the page! Because while the text on the page says HP123436 and the reports were ordered for it, you are not selling the whole patch, you're selling a tiny piece of it, otherwise you'd include a bunch of other properties like [2] that are indeed worth way more

Edit: or maybe that's by design, the "complex deal" you are talking about actually does include those other properties, and the matterium page is designed to make a sale of a much larger property look like a sale of a £7k property to avoid SDLT and a bunch of other complications, while going through a shell company that clearly doesn't have nearly enough money for the whole thing. Surely you aren't doing that?

[1]: https://passport.mattereum.com/West.London.Lets.01/01_Identi...

[2]: https://search-property-information.service.gov.uk/search/su...

[phphphphp]

A complex transaction that took place through a single public listing at an auction house. That’s exactly how complex property deals happen.

Unfortunately, you’ve said I would have to sign an NDA to get more info from the seller which would make the whole exercise pointless. I will make an alternate offer: I will pay £10,000 to the charity of your choice if you show documentation that proves the land has been independently valued at more than £1m (by someone accredited) and that the land was purchased for more than the amount shown on the land registry.

I am sure, in the cold light of day, tomorrow, you’ll realise you’ve been had and you’ll have to have an awkward conversation with West London Lets where they reveal that actually it was purchased for £7k and actually they’ve valued it at £1.9m based on the assumption it can get planning permission and then you quietly remove all the posts about it from your website and pretend this never happened. I won’t hold it against you, but do implore you to reconsider your approach to who you work with. With partners like West London Lets, who needs competitors?