Crowd funding 30 years ago

I just watched a Grand Designs from 2016. Builders ran a grape, wine, fruit crop, cooking education business and offered to repay the crowdfunding via a cooking course, some bottles of cider etc. They were building a business premises and adjacent house with large kitchen for courses. They reached their 60,000 pound target.

Repayment of the funds would come from cooking classes, bottles of cider etc.

It made me think back to before the internet when I read a newspaper story about someone in WA asking for people to send $1 to help them buy a house. They couldn't afford a bank loan, or at least not for the full amount needed.

My memory is that they were offering to repay via return cheque once they were able to do so. This has to be around 30 years ago I reckon, so no internet, no online banking. People were asked to send a $1 cheque from memory.

I recall at the time thinking it was a clever, but expensive way to borrow. Assuming they actually did get enough funds, the repayment was going to be via return cheque, as they could afford to repay.

I also remember thinking that the cost of a stamp and envelope to send thousands of individuals a $1 cheque was going to be seriously more than the cost of borrowing. I wonder if they ever sent out any cheques to repay the $1 loans?

I guess some people would have sent more than $1 but still... very expensive lending.

I did a google to see if I could find the article, but it is probably just too long ago. I couldn't find anything, though there are plenty of sites talking about crowd funding of property.

Do any of the older members recall the story?