LOVE letters from the late Princess of Wales to Major James Hewitt are being touted for sale to cash in on the increasing interest in Diana memorabilia.

And the surging value of all-things Di means a deal for the notes is now “imminent”, The Sun on Sunday can reveal.

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Princess Diana’s love letters could go up for saleCredit: Getty

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Former Army Major James Hewitt was the recipient of the notesCredit: Splash News
Last week, we told how a US auction house has lined up a wealthy collector to buy the 64 love letters with a price tag of up to $1million (£780,000) — raising fears they could be made public.

Hewitt, 65, previously offered them as collateral for a £500,000 loan.

A source last night said: “It’s all moving in the right direction and a sale seems to be imminent.”

London auction house Bonhams valued Hewitt’s notes — which include many sent on distinctive military paper known as “Blueys” — at between £311,000 and £466,000.

In an email, the firm noted recent sales of other items “demonstrate the growing commercial appeal for anything connected to Diana”.

Sources believe they could fetch huge sums after a jumper featuring sheep that once belonged to her fetched around £920,000 last year, despite a valuation of up to £70,000.

Diana items always sell for huge sums.

In 2019, her Fly Virgin Atlantic jumper sold for £42,760.

A silver 1.6-litre Ford Escort Ghia saloon given to her by Charles — then the Prince of Wales — as an engagement present in 1981 sold 40 years later for £47,000.

And in December, a black velvet dress worn by Diana in 1985 sold for £904,000 at Julien’s Auctions in Hollywood — 11 times its estimate.

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Phil Dampier, author of Diana: I’m Going To Be Me, said: “Like classic cars, royal memorabilia go up and down in value, so these things go in a cycle.

“At the moment there is an obsession in Diana as a whole new generation of people are taking interest in her, partly because of watching The Crown and partly because of the royal soap opera involving her sons William and Harry.”

Critics also think present uncertainty in the Royal Family has led to renewed interest in the letters.

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64 love letters have a price tag of up to $1million
However, Bonhams declined to sell the letters and instead advised seeking a buyer in the US, which was when Dallas-based auctioneer Heritage was contacted.

Heritage has said it had no intention of offering the letters for sale.

US collectibles appraiser Lori Verderame said selling the notes privately will avoid copyright issues — and royal backlash — if they were to be reproduced in sales material.

Our story sent shockwaves through the auction world with speculation on the identity of the private buyer.

Like classic cars, royal memorabilia go up and down in value

Phil Dampier

Ukrainian-American billionaire Mark Ginzburg, 67, has been linked as a frontrunner to buy the letters.

In 2010, he bought Diana’s diamond and pearl necklace for almost £500,000.

He is now selling it to a museum for up to £12million and will donate a portion of the funds to his native Ukraine.

Texan entrepreneur and memorabilia collector Jim McIngvale, 73, has also been linked to the notes.

Distinctive script

They were written between 1989 and 1991, including the period when Hewitt, who had a secret five-year affair with the Princess until 1992, was serving in the Gulf War.

They are in Diana’s distinctive script, are highly intimate and would cause embarrassment to the Royal Family if released.

Last week, Hewitt’s spokesman said Heritage were approached “solely to value and authenticate the letters for personal reasons and insurance purposes”.

They added: “James has no intention to sell and is not soliciting offers to buy.”

Yesterday, Heritage added that it “has no intention of offering these letters publicly or privately”.

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Ukrainian-American billionaire Mark Ginzburg, 67, has been linked as a frontrunner to buy the lettersCredit: https://www.instagram.com/ginzburg.mark/?hl=en-gb

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Texan entrepreneur and memorabilia collector Jim McIngvale, 73, has also been linked to the notes