Investors are being warned to steer clear of a commune development promoted by celebrity Pete Evans in NSW’s Byron Hinterlands.

The development, originally called Bhula Bhula, had already wasted millions of investment money when its property developer went bankrupt two years ago.

But now that same developer is back, has repackaged the land and called it “Nightcap”, and has enlisted Pete Evans to spruik the investment.

A Current Affair reporter Steve Marshall told Ray Hadley people’s lives had already been ruined by the development.

“Imagine you put money into a company to buy shares in a plot of land in Tweed Valley,” he said.

“Problem is, people have paid their life savings … into a company to get a share of this beautiful land, and what do you know?

“The company goes belly up – the money disappears.

“Then, a few years later, the very same land they’ve paid for, is now up for sale again, as part of a bigger communal living arrangement being marketed by a bankrupt developer.”

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Image: A Current Affair