La Zagaleta, the famous private luxury estate company, has finally closed the deal to sell the Valderrama golf club near Sotogrande to the club's own members.
The 28-million-euro sale of one of Europe's most prestigious golf courses marks the end of a process of arbitration and negotiation that started last March.
At that time the members of the Real Club Valderrama, to use its official name, exercised their first right of refusal to buy their golf club, which up to now they only leased, as part of the January 2016 purchase deal by La Zagaleta of the Valderrama land holdings operation.
La Zagaleta paid 40 million euros almost two years ago for the holdings which included the club and land programmed to be developed for housing on the so-called Valderrama 2 estate in the nearby municipal district of Castellar de la Frontera.
Under the latest deal, La Zagaleta has given up the golf course and some land around it as well as the rights to use the Valderrama brand name for sports including golf.
Meanwhile La Zagaleta holds on to its new golf and residential development plans in Castellar and the right to the Valderrama name for real estate and hotels.
Investment of 200m planned
The La Zagaleta group, which specialises in ultra luxury development, plans to invest 200 million euros in the new Valderrama 2 project, including a hotel. It is currently best known for its exclusive estate on the road from San Pedro to Ronda, near Marbella.
The sale of the Valderrama golf club to the members is a dream come true for them. The world-famous club, which famously hosted the Ryder Cup in 1997, was finished in 1985 and currently has 450 members of 40 different nationalities. The club is non-profit-making and for thirty years has been leasing the land the course is built on.