It's possibly the tensioner rather than the 'fan' bearing. The bearing is commonly available and is worth about $8 however the odds are strong that the bearing is not actually your problem. It seems that the post supporting the bearing and pulley assembly gets misaligned, causing the squeal, and the only repair is to replace the complete tensioner assembly. Personal experience :-)
Having said that, $700 seems a bit dear; mine was $250 (Lens Landrovers) in early 2001. I gather your are in NT or SA; in which case a call to Rovparts, Lens Landrovers or LandRanger Spares might find you a better price. Prestige will be the place of last resort.
Cheers