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In this paper, we propose an aerial surveillance system utilizing a static camera and a PTZ camera. The static camera captures a wide angle view of the scene, while the PTZ camera is capable of zooming in to a region of interest (ROI) selected by the user and capturing a detailed image. The system consists of a novel tracking algorithm named Simultaneous Estimation, Filtering and Rejection (SEFAR) and a multi- camera apparatus accommodating real-time requirements. The SEFAR algorithm performs feature point detection, homography estimation and outlier rejection in a one-pass process, avoiding time consuming iterations. The multi-camera apparatus uses high-resolution cameras of different zoom factors with a rotatable mirror for faster PTZ movements. Experimental results show robust and efficient tracking performance of SEFAR, demonstrating its possible use in real aerial surveillance systems in the future.