Hotel magnate Sol Kerzner, who co-owns the country's most expensive home, is about to lose his bragging rights.

An double-storey mansion still under construction is on the market for R110-million - and the developers are entertaining offers from five international jet-set celebrities.

Kerzner bought his 800m² duplex apartment, which runs across the top two floors of the One&Only hotel in Cape Town's V&A Waterfront, for a record R109-million in 2008.

But now a 1500m² home, on sale for just R1-million more, is one of three houses being built in a hi-tech security estate in Clifton, one of Cape Town's priciest suburbs.

When the development was first announced in 2004, the envisaged price tag of the house was R35-million.

Now Land Equity Investments chief executive Russell Smith is splashing out R15-million just to construct the short road leading into the estate.

The property boasts a 350m² garden terrace, along with a gym, spa, office, bar, wine cellar, elevator and garage with space for six vehicles.

The scarcity of garage parking space has seen one homeowner in the area splashing out R2-million for an 18m² garage recentlyin recent years.

Smith said the three other sites in the exclusive R350-million cul-de-sac estate, Clifton's first gated estate, had already been bought and the owners had started building.

"The three buyers will be responsible for building their own homes," he said.

The plans for the estate have been altered significantly since 2004, when the developers envisaged building four similar four bedroom houses.

At the time, Cape-based Land Equity Investments chairman Stuart Chait said his company was trying to "create a gated security estate where the emphasis will be on privacy and security from the paparazzi".

Smith declined to disclose the identities of the interested buyers. The eventual owner will share a postal code with former Pick n Pay CEO Sean Summers and Mike Rutherford, former guitarist of rock group Genesis.