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Ellen and I bought in for $2000, back in those days. We didn’t have much of an appreciation of money and the land was so cheap and they really needed people. At a certain stage, must have been about 1985, Carol and Dudley split up and Dudley decided to move off and so there was the issue that Dudley wanted a payout. Of course, he’d taken the big gamble and so that’s when we were really looking hard at the whole thing of the structure and when we took a hard look at the business plan and all that, and we realised that shares needed to be more than two thousand bucks! Oh it’s nothing is it?
I think we might have set it at five or six, something like that and that gets compounded at three percent. You assume that the inflation rates, the CPI, the inflation rate’s about three percent, so for example it’s the same amount as that five thousand dollars in terms of value, but the nominal dollar, the number of dollars.. So in real terms the cost of the share is the same, but nominally. It’s about fifteen thousand bucks, still pretty cheap though. But then you’ve got to build a house if you don’t have one, yeah.
And as you said earlier you can’t just sell your house like you would…. ?
It’s at once a strength and a weakness of the place in a sense. Two people have built houses and had to move, in one case he got married and his wife didn’t want to live here, it wasn’t her cup of tea. Fair enough it’s not everyone’s cup of tea and it was good that she could see that and he didn’t have to deal with all that, so he moved out and he managed to sell his place to someone else. But for many years he was just renting the place to people who were passing through. And Brian and Julie eventually bought Richard and Janine’s place. Now Richard and Janine had four kids, and so they built a fairly large house, suited Brian and Julie so they kind of worked out a deal on that.
So how many shares does the property hold?
Well how long’s a piece of string? It’s a bit like that. One of the things we’re going to talk about is how big do we want to be?