Of course, all the "Lord" business is crap as well..... what I guess is that RL bought a single square foot of a Scottish field which some probably bent and at least unscrupulous promoter has been telling people would entitle them to style themselves "Laird of Loch Borralan". But Laird doesn't mean or equate to "Lord" and is not part of the Baronetage of Scotland.
Of course, under British law, you can call yourself whatever you please, as long as it isn't done to secure a pecuniary advantage, and you don't have to buy anything to do it. So if you want, you can call yourself "Viscount Lempriere of the Buns" but it has no meaning. Might as well be called Coco The Clown. Or Major Langbar-Holder.