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I was led to believe Mr Penny was clearly informed by his solicitor re the scheduled monument on his land when he bought the property.

I believe thats true. Scheduled Monuments’ are registered as Local Land Charges so are flagged up on Local Land Charges Searches.

Here's a fairly unsensational report from the local press:

http://www.thisissomerset.co.uk/Landowner-admits-monumental-error-caused-Priddy/story-15864680-detail/story.html

And a report from a conservation blog:

http://ihbconline.co.uk/newsachive/?p=5040

I can't find a law report online from the trial, it may not have been reported.