Is "home college" not quite as crazy an idea as it might seem?

I came across a rather intriguing idea via Marginal Revolution this morning. From the piece in the Chronicle of Higher Education entitled Home College: an Idea Whose Time Has Come (Again):

... why not consider the option of hiring a single professor to teach a first-year curriculum to a small number of students? At the level of the individual student, it may make sense to some families. Rather than spend $50,000 for a year of college at a selective private institution, one could hire a single Ivy League-trained individual with a doctorate and qualifications in multiple fields for, say, two-thirds the price (far more than an adjunct professor would make for teaching five courses at an average of $2,700 per course).

The idea becomes more attractive with multiple students. A half-dozen families (or the students themselves) could pool resources to hire a single professor, who would provide all six students with a tailored first-year liberal-arts education (leaving aside laboratory science) at a cost much lower than six private-college tuitions, and at the level of a real salary for a good sole-proprietor professor.

A low-cost, high-value first-year education would allow students to transfer into a traditional degree-granting institution at a second- or third-year level, saving a year or more of tuition. Home-colleged students would have a year of personal attention to writing skills, research skills, oral-presentation skills, and the relationship of disciplines in the liberal arts.

I'm guessing that such a system might be able to piggyback on whatever accreditation means might be used for students taking MOOCs. Of course, this might only apply to certain highly-selective institutions wherein much of the value of the degree seems to be due to signalling. Whether they'd likely accept such students into later years seems to remain questionable - I suspect the students in question would have a better chance of making it immediately after high school.