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THE R30-million sale of a 50-hectare swathe of land in January might have been the biggest residential property deal in recent history - had it actually happened. As it turns out, the claim by Seeff Somerset West never materialised.

A press release at the time said the sale had been negotiated between the owners of the land near Spanish Farm and international businessmen. Cedric Solms-Baruth, a representative of the property owner, says however, the sale never went through.

It was to have been in the same league as Erinvale and the more recent land deal to house the Schonenberg Estate, the company said. It transpires however that - according to both the owner of the land and Seeff Somerset West - the land has not changed hands.

Licensee Keith Colley said in the original release:

"This real estate, being positioned in the suburb of Spanish Farm, is in the prime residential area of Somerset West, and offers uninterupted views over the whole of False Bay."

We understand that the site will be divided into a handful of smallholdings to house the most exclusive estate Somerset West has ever seen.

Colley told DistrictMail this week that it was his understanding ?the purchasers had not fulfilled their obligation as regards the guarantees required.

"The deal is, however, still being negotiated," says Colley.

He confirmed that the property - as far as he knew - was still on Seeff's books.

Seeff Somerset West manager Neville Wilmot says the transaction satisfied their requirements for it to be declared a firm deal and that the company was fully within its rights to issue a statement declaring such. He says the company acted within its rights and maintained confidentiality around the the deal, the site address and parties involved.

Solms-Baruth said potential buyers could phone him on 076 166 8529.

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© Tel. (021) 853-0211 Fax. (021) 853-0234 2003 Somerset Press (Pty) Ltd on all information and photographs.