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Remember when they tried to buy Sealand?
Wait… Like the Principality of Sealand?
Was Major Bates still there?
I remember this being discussed at length on various forums at the time (the legality, questions about what would happen if it all fell into the sea.) but as with so much of the Internet, it appears to have been largely lost. Luckily I was not imagining things this time and did find a couple of references.
Death of a data haven: cypherpunks, WikiLeaks, and the world’s smallest nation | Ars Technica
The Pirate Bay Wants to Buy Sealand * TorrentFreak