Goldman Sachs (GS.N) will sell its stake in Accordia Golf (2131.T) in a deal worth about $450 million, marking the U.S. bank's exit from its investment in distressed golf courses in post-bubble Japan. Goldman bought a string of golf courses in Japan following the bursting of the country's economic bubble in the early 1990s, when many went bust and were sold-off at rock-bottom prices.Accordia, which Goldman launched in 2003 after taking over a money-losing course operator and took public in 2006, said the U.S. bank would sell its 44.7 percent stake -- worth 37 billion yen ($446 million) at the current market price -- in a public offering.
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