It's definitely not there. I checked it out this weekend, and there's nothing to be seen of this former 7-8 foot stone.
Robin Payne's Romance of the Stones mentions that it was removed by the farmer in 1980, despite being a scheduled monument. No mention of whether any action was taken against the farmer...
SW381280 - I didn't have chance to investigate this. It is marked on the OS map, very close to a public footpath, but Ian McNeil Cooke's 'Standing Stones of the Land's End' (1998 - Men-an-Tol Studio) says "formerly standing in a field below the 'first and last' hill in Britain, this fine menhir was deliberately uprooted and broken by the farmer circa 1985"