Planning Permission had already been granted for the restoration of Ury House to create a hotel, holiday lodges and 18-hole golf course, to be designed by legendary player Jack Nicklaus.
But the project rested on the approval of an application for 230 new homes, which will help to fund the scheme.
Kincardine and Mearns councillors had given their backing to the plans. However, they needed to be rubber-stamped by Aberdeenshire Council's powerful Infrastructure Services Committee – the body responsible for throwing out Donald Trump's planned resort at Balmedie.
Last Thursday they gave their unanimous support to the project, meaning it could now open as soon as 2010.
Mr Nicklaus said he was "delighted" by the move and that Ury Estate was "set to become a terrific destination".
In addition to the restoration of the grade B-listed Ury House as a hotel with a restaurant, spa and leisure facilities, FM Developments is planning to bring a shooting range, fishing ponds, tennis courts, children's play areas and wildlife trails to the 1500 acre site.
The company's director, Richard Milne, said: "Our redevelopment of Ury Estate represents enabling development in its purest form with the proceeds from housing directly funding the renovation of historic Ury House which has been languishing on the Buildings At Risk register and which will now become the centrepiece of the golf resort.
"The decision represents the Infrastructure Services Committee's foresight in appreciating how our vision for Ury Estate will benefit not only the Stonehaven community, but the region's economy to the tune of tens of millions of pounds."
The 230 homes on the estate will take the form of four hamlets, rather than one large housing estate.
Stonehaven Community Council chairman David Fleming said he was pleased with the outcome and felt the views of residents had been taken into account.
"The community council has had extensive discussions with the developer and we appreciate the work put in to make this into a very worthwhile proposal," he added.
"We did not want to see a giant housing estate but the hamlets will be much better architecturally.
"The developer is now talking to various bodies about other ways the space could be used.
"We are looking forward to having a golf resort that Stonehaven can be proud of."
West Aberdeenshire and Kincardine MSP, Mike Rumbles, said: "The approval of the planning application for Ury Estate is fantastic news.
"FM Developments' vision for Ury Estate is a tremendous opportunity for Stonehaven, the Mearns and Aberdeenshire as a whole.
"This exciting new development is a fantastic boost for the north east's economy, providing the area with a spectacular venue and visitor attraction."