I seem to remember this as an existing Law but it perhaps got recinded along the way.

Please see this link from tofday's Bangkok Post outlining the Law and its criteria: http://www.bangkokpost.com/business/news/440599/one-year-visas-for-foreign-condominium-owners?utm_content=buffer7d1ec&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

I hope that we see more relaxed laws about Foreign ownership of property in Thailand.