The much-rumoured sale of Valderrama, one of continental Europe’s most highly-rated golf courses, appears to be imminent.

Owner Jaime Ortiz Patiño has agreed to sell the course to the Stripe Group, a company controlled by Greg Norman, and managed by fellow-Australian David Spencer, formerly of Dubai developer Leisurecorp, and the man behind the creation of the European Tour’s Dubai World Championship.

Local newspapers have reported that the deal, worth €35 million, has been agreed in principal, and will be closed within the next few weeks. The entity involved is Soto Properties, which controls the Valderrama property. The golf club itself will remain in the hands of Felipe Ortiz Patiño, son of the founder Jaime.

Where this leaves the proposed ‘new Valderrama’ course, planned to be built on land a few kilometres inland at Castellar de la Frontera, is not currently clear (see GCA’s report on the planned Castellar course).