More than R 100 million rand a month is now being paid to subsidise farmers.
The Land Bank had already repossessed 25 farms around the country, of which six are black-owned properties, used as collateral against farm loans.
Land Bank officials refused to comment when contacted by BDay Online earlier.
The rest of the farmsteads had belonged to white commercial farmers, the newspaper said. Parliament's agriculture, fisheries and forestry committee had called on the government to find ways of saving a further 350 black emergent farmers who were costing the Land Bank about R100 million a month, or R1.2bn a year, on loan defaults.
"The bank has warned that this is unsustainable," Business Report said.
Non-performing loans had increased from R1bn in 2004 to about R4bn, the newspaper said.
Debt defaults had started to mount among "development farmers", the bank's term for black farmers, in recent years and the problems were exacerbated by a moratorium on farm repossessions, which was in force until last year.
Phakamani Hadebe, the chief executive of the Land Bank, warned MPs that the bank would have to close within three years if debt defaults remained at these levels as the bank had about R3.5bn in reserves.
