luxurious properties at a "knock-down'' price.

Mr. Nick Price, whose career earnings are almost $7 million, has bought Mr.

Robert Stigwood's 24-acre Wreck Hill estate, sources told The Royal Gazette .

It is understood that Mr. Price, a Zimbabwean, approached Mr. Stigwood personally and bought the property for $7 million -- $19 million less than the original asking price.

Last August, the property was put up for sale at auction after languishing for years on the luxury Bermuda property market.

But the sale was cancelled the day before the auction was due to take place, in October, after "considerable'' interest was shown from America and Europe.

Mr. Price saw the property last February when he came to Bermuda house-hunting with his wife and children. At the time of his trip the estate was valued at around $26 million.

The Wreck Hill estate features a large boat house, swimming pool complex, guest cottage, all-weather tennis courts and a staff cottage as well as the 12-room Georgian colonial main house.

Mr. Stigwood, the producer of blockbuster films such as Grease and Saturday Night Fever, bought the 200-year-old estate in 1978, but it has been on and off the market since 1990.

He has spent little time on the Island since 1991 when he bought Barton Manor House -- King Edward VII's former home -- on the Isle of Wight.

Australian-born Mr. Stigwood has, however, allowed guests to use his Bermuda home, including the Duchess of York who arrived last May with her daughters Eugenie and Beatrice.