The Reader’s Digest book ‘Folklore, Myths and Legends of Britain’ mentions that the stone was said to have been quarried on the other side of the River Torridge at Henscott, apparently intended as a foundation stone for a church there. But the devil rolled it away to Shebbear – and continued doing this every night (though the villagers repeatedly rolled it back) until presumably the villagers got fed up of it. Which would have been pretty soon if they had to get it through the river and up the hill, I would imagine. From the map, Henscott still doesn’t appear to have a church – so I guess the Devil won that round.