A Federal Higher Court ruling has ended the legal battle between BGI-Ethiopia and Purpose Black, marking the end of property acquisition and dashing the dreams of thousands who invested in a proposed 115-storey skyscraper project.

Complying with the city masterplan, the brewery which is relocating operations from its 30,000Sqm facility in Mexico Square, made a deal with Purpose Black to transfer the property. The court battle ensued after BGI expressed feeling a "lack of genuine commitment" and released statements cancelling the transaction two months ago.

In an interview with Fortune a few weeks ago, Company CEO Herve Milhade said: "BGI Ethiopia is a solid and serious company looking for buyers who can finance the purchase; this was obviously not the case."

Under the terms of the court ruling, BGI-Ethiopia refunded the earnest one billion Birr payment to Purpose Black. The latter has agreed to leave the property, dropping its plan to finance the construction of a residential apartment on the site. Executives of the brewery intend to float a bid and sell the property to another buyer.

Incorporated by Fisseha Eshetu (MD), the four-year-old company Purpose Black Ethiopia initially planned to finance the transaction by selling shares worth 1.5 million Br. Their peculiar marketing scheme that included a gift clause that promised to reward buyers ownership of a three-bedroom 100Sqm apartment brought them into the public eye. The share price later increased to 3.5 million Br offered to a select group of 750 individuals, with dividends set to flow in after construction of "KeGeberew Tower" was completed in four years.

The nearly 1,750 prospective apartment owners who bought shares have been growing anxious by the day, amid the protracted real estate deal.

Eyersualem Shewangizaw, 46, sold her home in Dukem town, Oromia Regional State, for three million Birr after being enticed by advertisements on social media about an apartment life with her five children. She bought shares worth 2.5 million Br in the third round of sales, with hopes of moving to the capital.

"I was mesmerised by the offer," Eyerusalem told Fortune.

She claims to have signed a seven-page contract, assuming that it was for the sale of apartments. Eyersualem has been staying at her mother's Qebele house a few kilometres away from what she thought would be her new abode around the Mexico roundabout.

"All I knew was I would get a house in a few years," she told Fortune.

Eyerusalem plans to go to Purpose Black offices to request the return of her initial capital. However, the management at Purpose Black remains resolute in their optimism that all will be resolved soon for the shareholders.

"Funds would not be returned to shareholders," said Tefera Alemayehu, assistant to the CEO. He said certificates of share ownership were given to buyers, which in no way implied much more than share purchases.

He said they plan to call a general assembly to discuss with shareholders how they may pursue their investment aspirations. While avoiding details, Tefera has a glass-half-full optimism that shareholders will be treated to a rewarding set of alternatives.

"We have crafted exciting plans," he told Fortune.