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Sledgehead

Safe As .... Sea Forts?

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You'll love this story. Apparently the guy who paid £5m for No Man's Land ...

7july8thnomanslandfortgn8.jpg

... has had the place repossessed after administrators KPMG were called in to recover outstanding debts for creditors of Lexi Holdings who had been financing the fort.

The extraordinary tale of financial hubris and megalomania, has seen Lexi go bankrupt with debts of £100m and its ceo (Shaid Luqman), a former young entrepreneur of the year, banged up for commercial property fraud. Meanwhile, back at the fort, No Man's Land 'owner', Harmesh Pooni, stands to lose £1m as KPMG market the place for only ( :blink: ) £4m. The whole affair has sent the dear old boy completely loopy and in scenes more remeniscent of back-country Montana than mid-Solent England, Pooni has barricaded himself in the joint, threatening 'invaders' with court action. It's only a matter of time b4 the "you can have my fort when you prize my cold dead fingers from the lighthouse" banners appear.

Of course Pooni is right, the place is worth more than 4m. From what I've heard KPMG have made no attempt to assess and include the value of the 3 year supply of Heinz baked beans currently stashed in the fort's cellars. :lol:

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Billy%20Hill.jpg

Harmesh Pooni's spokesman ( ^_^ )

Edited by Sledgehead

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You'll love this story. Apparently the guy who paid £5m for No Man's Land ...

7july8thnomanslandfortgn8.jpg

... has had the place repossessed after administrators KPMG were called in to recover outstanding debts for creditors of Lexi Holdings who had been financing the fort.

The extraordinary tale of financial hubris and megalomania, has seen Lexi go bankrupt with debts of £100m and its ceo (Shaid Luqman), a former young entrepreneur of the year, banged up for commercial property fraud. Meanwhile, back at the fort, No Man's Land 'owner', Harmesh Pooni, stands to lose £1m as KPMG market the place for only ( :blink: ) £4m. The whole affair has sent the dear old boy completely loopy and in scenes more remeniscent of back-country Montana than mid-Solent England, Pooni has barricaded himself in the joint, threatening 'invaders' with court action. It's only a matter of time b4 the "you can have my fort when you prize my cold dead fingers from the lighthouse" banners appear.

Of course Pooni is right, the place is worth more than 4m. From what I've heard KPMG have made no attempt to assess and include the value of the 3 year supply of Heinz baked beans currently stashed in the fort's cellars. :lol:

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Interesting - I guess matey`s got loads of cannons to ward off the invading hordes of pirates (I mean accountants) as they attempt to board his castle in the sea. One possible solution would be to hire some ex-US Navy Seals to carry out a sea-borne covert ops.

If it comes to the crunch and going through the courts is just too much trouble, just buy an ex-Soviet submarine and equip it with nuclear torpedoes (should do the job, hopefully taking out a fair chunk of Portsmouth too!) :P:lol::rolleyes:

(BTW whenever anyone says they are an `entrepreneur` just replace it with cheat / liar / thief / snake oil salesman`. I mean, look at Syed on The Apprentice!!) :rolleyes:

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A standing ovation to any HPC member that finds old threads on HPC. I recall a thread detailing the prices the fort sold over the years, and even more background and predictions for this bloke?

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http://www.housepricecrash.co.uk/forum/ind...0&hl=solent

Found it, in 1988 an offer of £4 million was refused, price then crashed to 950k in 1992. History repeating, fort was on the market for £10 million in 2000!

I was reading about this yesterday. I don't think the think it is even worth £950M. Apparently the boat lifts are rusted up and out of order, so reliant on helicoptors to get on and off (not cheap) unless you fancy some commando like scaling of the walls.

Bonkers to pay £5M for that rubbish.

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Of course now realise I missed the obvious subject title : "In denial, in de Solent"

Bang goes that Sun editorial position ...

[edit] - Moosetea - great find - I knew it had history in that regard and have even read that article, but I'd be lying if I said I remebered the figures. Strange how the constant drip of "prices never go down" seems to persuade the mind that any memories of the contrary must be wrong, and therefore get discarded.

Edited by Sledgehead

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I have to look at that tatty fort from my bedroom window each day. Its quite disgraceful because you can see people undressing through my powerful binoculars. I doubt if the fort is worth £1 million at todays prices.

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I have to look at that tatty fort from my bedroom window each day. Its quite disgraceful because you can see people undressing through my powerful binoculars. I doubt if the fort is worth £1 million at todays prices.

Was that the same one worth over £3m not so long ago?

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Interesting - I guess matey`s got loads of cannons to ward off the invading hordes of pirates (I mean accountants) as they attempt to board his castle in the sea. One possible solution would be to hire some ex-US Navy Seals to carry out a sea-borne covert ops.

He needs to declare the island a principality. There is precedent...

http://en.wikipedia.org/wiki/Principality_...ment_of_Sealand

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He needs to declare the island a principality. There is precedent...

http://en.wikipedia.org/wiki/Principality_...ment_of_Sealand

I don't think it's beyond the 3 mile limit though

The court ruled that as the platform (which Bates was now calling "Sealand") was outside British jurisdiction, being beyond the then three-mile limit of the country's waters,[10] the case could not proceed.

There was a budget version - Waveland

http://www.waveland.org/index.shtml

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Edited by Saving For a Space Ship

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http://www.rightmove.co.uk/viewdetails-195...=2&tr_t=buy

picture 6 of 9. You can just about see the bankrupt as the dirty spec [sic] on horizon

Reading through the description of this, it's hard to believe that somebody in the EA's office is not ever so subtly taking the piss.

If your idea of heaven is a wonderful view from a superb pied-a-terre, and situated within walking distance to the Gosport ferry and the Heart of Englands' Maritime tradition, then this is the apartment for you. Accessed via a lift to the 16th floor, accommodation comprises a 16ft+ lounge, a separate kitchen, and two double bedrooms all with views. This superb apartment also enjoys double, electric heating and most importantly there are extensive views over Portsmouth Harbour. Harbour Tower offers parking facilities for residents and offers convenient access to all Bus, Ferry & Rail links to London (from Portsmouth Harbour).

875_1113673_IMG_00_0000.jpg

875_1113673_IMG_01_0000.jpg

875_1113673_IMG_05_0000.jpg

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Says on Wikipedia that it was originally built for £462,500 in mid 1800's. Equal to £30M at today's prices (using RPI).

So surely at £4m a bit of a snip :lol:

Sox

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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