[Updated 11:47 a.m.] See full story on CNN.com

Mohamed al Fayed, whose son died in the car crash that killed Princess Diana, has sold the iconic British department store Harrods, the advisers to the sale announced Saturday.

Al Fayed, who has been chairman of the store for 25 years, has decided to retire and spend more time with his children and grandchildren, said Ken Costa, chairman of Lazard International.

Al Fayed sold Harrods to Qatar Holding, which will become only the fifth owner of the store since it was created in 1849, Costa said.