No Man’s Land Fort A Steal?
Jul 3rd, 2009 | By Carolyn Keene | Isle of Wight News From The Island Pulse
Having initially covered the news as it unfolded back in July 2007, the Victorian No Man’s Land Fort off the Isle of Wight, has now been sold for a mere £910,000, which is a lot less than the original £4 million price tag.
Island Pulse covered this story as it unfolded in July 2007, we now discover that in 2004 the Victorian sea fort (pictured) was valued at more than £14m which dropped to £4M in 2007, and now in 2009 sold for £910,000.
No Man’s Land, is just one of the armour-plated forts in the Solent off the Isle of Wight. The fort was to be sold in 2007 after the collapse of Lexi, a commercial property finance business.
Administrators KPMG tried to recoup up to £100m following the collapse of Lexi after an alleged commercial property fraud. Shaid Luqman, the former young entrepreneur of the year who ran Lexi, was jailed in July 2007.
In 2007, Rachel Halliday, spokeswoman for KPMG, said:
“We are letting people express an interest in the property before we invite offers for it, but it’s expected to fetch up to £4 million
“This property is certainly a one-off and we have never had to sell anything this unusual before.”
The Fort was designed and built in the 1860s to prevent french ironclad warships bombarding Portsmouth, and in WW1 its role was revised in order to cope with the new threat of submarines and battleships.
No Man’s Land Fort stands in an exclusive location and well known to passengers on the Isle of Wight ferry as it featured as a backdrop to a 1971 Dr Who adventure called The Sea Devils starring Jon Pertwee.
Controversy reared in March 2008, when Mr Harmesh Pooni became a squatter on the 138 yr old fort in a legal row over ownership. Mr Pooni barricaded himself on the sea fortress in an attempt to scupper estate agents trying to sell it.
Whilst the fort was transformed over the years into a luxury hotel, unfortunately time erroded any creature comforts and one could say was one of the main reasons for the dramatic reduction in the selling price.
Today the BBC reports: ‘Bargain’ sale of £14m Victorian seafort Take A Glimpse inside No Man’s Land fort
“There is one final twist – despite everything he has been through, Harmesh Pooni has not given up his fight for the fort. Despite the fact No Man’s Land has a new owner he believes he could still claim rights over this stunning seafort.
That is if he can find about £50,000 to take his case from the high seas to the High Court.”
Island Pulse related articles:
King Of No Man’s Land Scuppers Sale
‘No Man’s Land’ Island Fortress
