An iconic building that has provided the backdrop to some of golf�s greatest moments has been put up for sale after a developer, who paid £20m for it five years ago, withdrew plans to turn it into luxury timeshare apartments.

An iconic building that has provided the backdrop to some of golf's greatest moments has been put up for sale after a developer, who paid £20m for it five years ago, withdrew plans to turn it into luxury timeshare apartments.

Hamilton Hall is the most striking and recognisable buildings in St Andrews and lies next to the first tee and 18th hole of the world famous course.

Empty and decaying, the building was once the town's Grand Hotel, before it was bought by the university in the 1950s. It has been at the centre of a bitter battle over its future since before it was bought in 2004 by US businessman David Wasserman.

Mr Wasserman's Rhode-Island based Wassermnan Real Estate Capital has been under pressure to sell after local councillors and Mid Scotland and Fife MSP Ted Brocklebank expressed serious concerns over the effect the building's decline was having on the town's reputation in the run-up to the 2010 Open championship.

The businessman shelved plans to turn it into more than 25 luxury timeshare apartments and has now asked Jones Lang LaSalle to take care of the sale for an undisclosed price.

Spokesman Alan Creevy said: "It is hard to imagine a more iconic building which will be known by all in the world of golf as the backdrop to the many eventful Open finals which have taken place at St Andrews over the years.

"Properties such as Hamilton Hall almost never come on the open market and we are delighted to handle such a prestige instruction. The property has planning and listed building consent for 25 luxury apartments, which were originally intended for fractional ownership.

"We remain in a market where credit is difficult to obtain, but developments such as this have potential, either as a boutique hotel which will attract visitors to St Andrews or as prestige apartments which would have a market for domestic and international purchasers."

With an eye clearly on another foreign buyer, the firm says the town is the place "which educated Prince William until very recently".