Notorious property spruiker Henry Kaye reaped up to 60 per cent interest from a discredited land banking scam into which mum and dad investors from across Australia have tipped tens of millions of dollars.

On Friday morning Federal Court Justice Beach named Kaye and his sister Julia Feldman as beneficiaries behind the scheme, known as Foscari, in Melbourne's outer west, which was a key focus of a Fairfax Media investigation in 2015.

Through 2013 and 2014 Foscari was marketed as an "iconic architectural masterpiece" to unsophisticated investors as part of a network of land-banking schemes across Victoria, Queensland and Western Australia.

Fairfax Media estimates that hundreds - possibly thousands - of investors have sunk more than $100 million into the schemes, much of which may now be lost.