million would have been the second largest residential real estate deal in Bermuda's history.

This was revealed yesterday as the legal battle over ownership of the luxurious Riddell's Bay property continued in the Supreme Court.

American heiress Ms Marion MacMillan agreed to sell Perot's Island to multi-millionaire Mr. Michael DeGroote, but she backed out of the deal. Mr.

DeGroote has taken her to court in an effort to force her to sell the property to him.

Mr. DeGroote's final witness, L.P. Gutteridge valuer Mr. Andrew Horsfield, said only the $15.1 million sale of Castle Point in Tucker's Town last year would have beaten the planned Perot Island price tag.

Although Mr. Horsfield said Castle Point was generally a more desirable property than Perot's Island, he said its purchase price was not "a fair market value'' or a "fair benchmark for determining market values''.

Most of Mr. Horsfield's testimony yesterday focused on the workings of the Bermuda real estate industry.

Mrs. MacMillan's lawyer, Mr. Julian Hall, asked him to clarify the role and responsibilities of each player in a typical real estate transaction, and describe the flow of information between the parties.

The realtor said a typical negotiation involves the landlord who owns the property, his or her contracted principle agent, and a sub-agent (or "co-broker'') who relays offers to the agent from prospective buyers (or "prospects'').

Mr. Horsfield also told the court that the standards of conduct set by the Bermuda Chamber of Commerce, which insist that agents deal objectively and fairly with their client, were taken seriously by those in the profession.

Mr. Hall has said the two realty companies which were involved in the property deal, Cooper Associates and the Bank of Butterfield's Betco Ltd., were guilty of misdeeds and breaches of duty by acting for Mr. DeGroote rather than their client, Mrs. MacMillan.

He also contends the "uplift of value'' from renovations carried out by his client was not added to the island's price by the agents.

The proceedings were adjourned at lunchtime yesterday by Puisne Judge the Hon.

Mr. Justice Ground so that documents detailing the renovations could be readied. The case will continue Monday morning.