years, has been sold for $14.5 million, it was learned yesterday.

Its new owners plan to turn it into a massive financial centre offering a 1,000-seat convention hall, 300-room luxury hotel, executive condos, three office blocks, an underground carpark and a spa.

But before Bermuda Financial Centre Limited developers can turn the city property into the Island's "Wall Street'', they need approval from the Development Applications Board.

And they must raise a further $115-million-plus needed to build it. The project has been officially opposed by the Corporation of Hamilton, a nearby major hotel and four neighbouring guest properties.

"On behalf of the Bermuda Financial Centre Limited we are delighted to announce that we have now taken possession of the Bermudiana property,'' Mr.

Jeffrey Conyers confirmed in a statement yesterday.

Mr. Conyers is a project shareholder and the president of First Bermuda Securities, which is assisting in the financing of the project.

"This is obviously a significant milestone for our project and we look forward to moving ahead,'' he said.

"This project has received tremendous encouragement from a wide cross section of Bermudians. We particularly appreciate the support we have received from the Bermuda-based financial institutions.

"We realise that there were many who were waiting, with perhaps alternative ideas, to see whether we would be successful in acquiring this site. We now invite them to discuss their ideas with us.'' Concerning the objections he said: "One is always concerned when there is objection. But we think that frankly we can meet all of the objections -- there's nothing we can't answer in our discussions with Planning.

Mr. Conyers said if DAB approval was granted, construction would start in the summer of 1994 with completion slated for autumn 1996.

He declined to say how much of the purchase price was raised through public share offerings.

But he said money raising efforts were "made difficult by situations we ran into''. Mr. Conyers declined to say what those obstacles were.

In the statement Mr. Conyers thanked shareholders "for their support during this challenging period.'' Project developers stood to lose $1.4 million -- 10 percent of the purchase price -- if they did not come up with $14.5 million by Tuesday.

In October they succeeded in raising more than their $1 million minimum target in a local public offering.

Mr. Conyers said the company was hoping to raise some $40 million in convertible debentures. It is understood the rest will be raised in mortgaged notes.

Owned by Forte Hotels, the Woodbourne Avenue hotel has been sitting empty since it closed down in October, 1988.

Boston developer Mr. Harold Stavisky expressed interest in buying the property in early 1990 for a similar venture but a deal never materialised.

Mr. Stavisky is due to be sentenced on December 13 for embezzlement in the United States.

Bermuda Financial Centre developers, who include Government Senate Leader the Hon. Michael Winfield and architect Mr. Fraser Butterworth, have said the project will be "the most significant development for Bermuda in many years''.

The hotel part of the $130-million-plus plans has the official backing of the Tourism Ministry.

However, the Corporation of Hamilton has lodged an objection with the Planning Department, citing among other reasons, the "staggering'' size of the proposed office blocks. It was also concerned about possible creation of an "intolerable level'' of road traffic.

The Corporation had earlier this year objected to the re-zoning of the Bermudiana property to "commercial'' under the new Development Plan, saying it would create an undesirable, sprawling city.

The Bermuda National Trust filed a pro-tem objection saying it needed more time to look at the proposal.

The Hamilton Princess Hotel, Waterloo House, Rosedon, Royal Palms and Rosemont Guest Apartments lodged a joint objection saying the proposed centre was "excessive'', "intrusive'' and "not in the public's interest''.

The Princess yesterday criticised the centre's office block design as incompatible with the Bermuda image.