Edward Gal and Moorlands Totilas at the 2009 European Championships. © Kit Houghton/FEI
Owner Cees Visser, of Moorlands Stables, said it was mixed emotions that he announed the sale. "We wanted to wait until the deal about the sale was fully done, but today the buyer came out with the news himself and we didn't want to lag behind," Visser.
"The past two years we've been living a dream and enjoyed every moment of Edward and Totilas. After Kentucky it was impossible for us to refuse the offer.
"The World Equestrian Games in Kentucky were the absolute apex on an emotional and competitive level. It was not an easy decision, but with all his competitive highlights and three gold medals in Kentucky one shouldn't challenge fate. We believe that it was the right moment to sell."
Cees told Horse and Hound magazine: "Of course, it's not easy for Edward. Thanks to his talent and effort, Totilas has become the phenomenon he is today.
"Fortunately, Edward understands our decision to take a new path, and new challenges lie ahead. We consider Edward a top rider, and we'll keep supplying him with potential top horses in the coming years."
Totilas was bred by Jan and Anna Schuil of Broeksterwoude, Friesland, and Gal started to ride the horse when he was five. Gal's sponsors, Cees and Tosca, then bought the horse.
Schockemöhle won the European Championships in show jumping three times in succession - 1981, 1983 and 1985 - with the legendary Deister.
His breeding operation in the northeast of Germany is home to about 3500 horses, and 500 foals are born each year.