This is further evidence of the global economic slowdown, according to an analyst.

The Highland Gate golf and trout-fishing estate, which has an 18-hole Ernie Els signature course, in Dullstroom, Mpumalanga, was expected to fetch between R50-million and R75-million.

But none of the developers who attended the auction at the Southern Sun Hotel were willing to take the risk of splashing out on the liquidated estate.

The estate features 455 stands, 267 of which have been sold, and handed over at prices ranging between R700 000 and R1-million.

Thirteen holes of the 18-hole golf course are complete.

Alliance Group chief executive, Rael Levitt, said though no bids were made, his company is negotiating an offer from an interested buyer.

“One has to understand that it’s a very difficult market … and developers are now shy of getting involved in large-scale developments,” he said.

Last week, it was reported that scores of developments worldwide had been shelved.

But Levitt said he was optimistic in “closing” a deal for the Highland Gate estate.

The liquidated estate follows a global trend of similar world- class courses facing closure, as a result of the global recession.

The Highland Gate estate was put into provisional liquidation in August last year.