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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.
The legal issues concerning ownership of extra-terrestrial real estate are still extremely vague. One of the underlying issues is whether private ownership of such property is recognized or not. It is generally accepted[attribution needed] that, as stated by the United Nations "Outer Space Treaty", space is the "domain of all mankind", and can no longer be claimed by any governments. It omits mentioning private individuals.
Legal experts agree that private ownership of the Moon is not explicitly forbidden in the Outer Space Treaty of 1967 which states that only governments are not allowed to own lunar or celestial property. [2] The Outer Space Treaty has been currently ratified by 98 countries including all space faring nations.
Plans are already afoot in the US and Russia to strip-mine lunar helium 3 and transport it the 240,000 miles (385,000km) back to Earth.
The Moon, claims Professor Jerry Kulcinski of the University of Wisconsin-Madison, could become the Persian Gulf of the 21st Century.
"If we had gold bricks stacked up on the surface of the Moon, we couldn't afford to bring them back. This material - at several billion dollars a tonne - is what makes it all worthwhile."