Cannot run CorelDRAW 12 SP1 Update (.msp) in Windows 7

CorelDRAW 12 successfully installed on a new machine running Windows 7 Professional 64-bit; however, when attempting to run the SP1 patch (CGS12SP1EN.msp), I get the following message:

"The wizard was interrupted before CorelDRAW Graphics Suite 12 could be completely installed."

I have tried the suggestion by rmacmurchie in the post "Corel Draw 12 and vista" which attempted to run the Microsoft installer through the command prompt running under Administrator, but it doesn't work.

Does anyone have a solution?