While all this may sound like lunacy . . . the moon does not have any rental guarantees or capital appreciation figures . . . the Irish aren't the only lunar landowners.

It's reported that as many as two million people have bought over 400 million acres on the moon with buyers including both individuals and companies.

Rumours have it that Tom Cruise and Clint Eastwood are among 250 well-known celebrities who have bought there, as well as 15 main actors from Star Trek, large corporations such as the Hilton and Marriot hotel chains, a number of former US presidents . . .including Jimmy Carter and the late Ronald Reagan . . . and, reputedly, George W Bush.

But how do you go about claiming a slice of this new property pie in the sky and is it actually legal?

MoonEstates. com Limited, which was launched on 8 September 2000 and which holds the franchise for the UK and Ireland, is the only UK company licensed by the Lunar Embassy to sell property on the Lighted Lunar surface of Earth's moon, Mars and Venus.

To buy a one-acre plot on the Moon costs 30 and for that owners receive a deed, constitution, property map, mineral rights, and a copy of the original declaration of ownership. Owners can also buy 10-acre sites if they wish.

"All of our property has been legally obtained from the Lunar Embassy in Rio Vista, California, " the Moon Estates website says.

However, lunar ambassador Sue Williams admits it is one of those things that has never been completely ratified.

"The problem is the laws of any country only apply to that country's land and not to outer space", says Williams. The United Nations is the only body that can really determine exactly what happens in outer space.

When it comes to the legal aspects of the moon there have been two main treaties that have referred to extraterrestrial property sales . . . the 1967 Outer Space Treaty and the 1984 Moon Treaty. The Outer Space Treaty explicitly forbids any government from claiming a celestial resource such as the moon or a planet and the Moon Treaty forbids the exploitation of space, the moon and other celestial bodies for profit motives.

While this would appear to be clear, putting into jeopardy the

rights of the millions who have bought land, it is not straightforward. On 22 November 1980, known as the Lunar Day of Independence by the Lunar Embassy, American Dennis M Hope found a loophole in the Outer Space Treaty.

While it states that no government can claim celestial bodies it does not say whether a commercial enterprise or private individuals can claim, exploit or appropriate the celestial bodies for profit. Using this loophole Hope claimed ownership of the moon and all the planets in the solar system.

Hope, who declared himself 'The Omnipotent Ruler of the Lighted Lunar Surface' or 'The Head Cheese' lodged his claims with the US, then the Soviet Union and the UN.

While the UN has attempted to clarify the Outer Space Treaty it has not yet been able to do so and no court has yet successfully challenged Hope.

Bob Jacobs, press officer at the National Aeronautics and Space Administration (Nasa) headquarters in Washington DC, told the Sunday Tribune that, while Nasa does not have any claims on celestial bodies, "We treat these purchases as novelty gifts similar to buying a pet rock. Anyone buying an acre should consider it a novelty gift and not think that it has any legal standing."

While scoffed by Nasa, Hope's exploits have so far netted him $9m in lunar sales through his world wide franchises, with this figure rising daily as over 1,500 lunar properties are reportedly sold each day. The 'Head Cheese' is getting fat on dairy and is going to get even fatter with over eight billion acres still to sell.

As to whether this is all just one big gimmick still remains to be seen. If the current space-race escalates and the various space agencies around the world push ahead with their plans for a lunar base and lunar settlement . . . and if space tourists ever get to fly on Richard Branson's Virgin Galactic . . . then for the millions of buyers who have purchased land, it could become genuine real estate.

In such a scenario the legal issues will take on a much more important and real aspect and, with potentially billions at stake, a very real financial consideration. MoonEstates' and Hope's stance is that it will come down to people power and how much influence the millions of buyers can exert.

The final frontier may become the final battleground and in about 50 years or more we may see a very bitter court battle over who really owns the moon.

The lowdown

Address: Outer space, 238,857 miles from earth
Details: The earth's only natural satellite, some scientists believe it is debris from a collision with the earth and a Mars-sized planet 4.45 billion years ago. Apollo 11 landed men on its surface in 1969
Highlights: If Richard Branson starts flying tourists to the moon, investors could lease out their land to build hotels
Price: 30 an acre (includes all postage and packaging of deed, constitution, property map, mineral rights, and a copy of the original declaration of ownership)
Agent: Moon Estates; www. moonestates. com