Let's assume that the story is mostly true. Let's also assume that the new tree is the old one's "first born," male heir. Personally, I'd want to see a DNA comparison, but you know, why sweat the small shit.
This is of interest to me since the land my house sits on extends back to an old milk road. It had been disused for at least decades but it was still apparently deeded to the town and over the years, people have subdivided their property and sold the additional space as building lots which then abutted this old road.
I guess for the price of paving the old road, people were then allowed to build on these lots and mine is now the last one that hasn't been subdivided.
So, I don't plan on going anywhere soon but if at some point I decide to sell, I think I'm going to put a restriction in the deed that prohibits subdivision. Why? Well, it's a quite lovely wooded area. I never go back there any more but I have very fond childhood memories and I think it would be a shame to deprive future generations of the joy such things can bring.