Durban - The Wheel, Sanlam Properties' investment folly from the late 1980's, has contrary to popular belief still not been sold.

Despite being "sold" on auction on 10 November the sellers of the off-beachfront shopping centre in Durban, the influential Gani family from Pretoria, are still to confirm acceptance of the offer.

They now have two days to yea or neigh a revised offer of R105m from the original successful bidders, an unnamed "international investment consortium" headed from Mauritius.

Last week's auction, bid up to R100m, is apparently the highest price yet received for a single property at an auction, but it fell short of the reserve price set by the sellers, believed to be in the region of R150m.

The Gani's had a week to confirm the offer but held out until Thursday, when a revised price of R105m was tabled.

They now have 48 hours to make a final decision.

On paper, The Wheel looks like a huge loss in real money terms.

Launched by Sanlam in 1989 as a R90m centre, The Wheel enjoyed a few years of popularity before tenants in the surrounding areas moved out as the drug lords moved in, severely downgrading Durban's Point precinct.

Recent upgrading of the point failed to convinceproperty fund managers, who say on a forward yield of 3.5% to 4% the half vacant shopping centre was probably not worth more than R40m.

Surprised at the offer price, which Auction Alliance's Norman Raad says was higher than expected, property managers say the only value they can see is in "conversion potential" if the new owners are prepared to spend money converting the top two vacant floors to commercial or residential usage.

The Gani family, significant property owners, were in dispute through a number of family businesses with Nedbank to the tune of an unconfirmed R100m.

Nedbank said earlier that the matter would probably end up in court, but settlement with the bank has now apparently been reached.

This could not be confirmed by the bank.