AttentiveMaster

Recently I was invited to a space and I bookmarked the spot and noticed it was listed as land for rent. Upon returning to the area I was surprised that it was a totally different place. After being invited there a second time and using the view feature I realized it was way up in the air. As someone new to SL my question is that, is it possible someone rented the land and then built this place far up in the sky, then after the rent expired is able to still use it? Does this sound like someone doing something wrong (assuming this is possible) or am I missing something? It seems to be rented spaces would get reset after the rental expired but this has me really curious.