How Much Would You Pay for “Lunar Real Estate”?

Back in November 2000, the topic of lunar real estate for sale was covered by CNN, so it’s not an entirely new topic. While reading my favorite news site last night, I came across an article that picks up where the CNN article left off — essentially, that an entrepreneur from Nevada, Dennis Hope, has made $9 million selling plots of land on the moon. It turns out that "Mr. Hope exploited a loophole in the 1967 UN Outer Space Treaty and he has been claiming ownership of the Earth’s Moon – and seven planets and their moons – for more than 20 years."

At a price of $20 per acre, I can probably understand the novelty of buying an acre of lunar real estate but the fact that "No government has yet recognized the lunar sales as legally binding" and that the $20 could be put to a lot better use makes me think twice. However, as an entrepreneur, I must say $9 million doesn’t sound like a bad venture.

What are your thoughts? How much would you pay to stake your claim on the moon?