I believe that land reform in Mexico (1970?) ended in a similar way. The original owners of the land ended up owning much of the land that the receivers sold back to them after failing to farm it productively.
The Mexican land reforms began shortly after Diaz retired at the beginning of the 20th century, and have continued ever since. There was a big outbreak of land reform under Cardenas in the '30s, as well. They take it away from productive landowners and turn it over to marginally productive campesinos. The campesinos eventually sell it back to the productive landowners, the campesinos complain about the patron, and the whole thing starts again. They have been doing this for 100 years and it hasn't worked yet. Only in areas where they have managed to institute guaranteed property rights is agriculture in Mexico a paying proposition.