Real Madrid beat Tottenham 2-0 in their Audi Cup semi-final at the Allianz Arena, with Gareth Bale scoring against his old club.
The Welshman, who moved to the Spanish capital for a world-record fee two years ago, struck Madrid's second with 11 minutes to go, after James Rodriguez had opened the scoring in the first half.
Bale's celebrations were muted, as he and Luka Modric got one over on their old employers in Munich.
It was another defeat for Spurs, who lost 2-1 to an MLS All-Star team last week, while Los Blancos added Mauricio Pochettino's men to their list of pre-season scalps, alongside Manchester City, Inter and AC Milan, who have all been beaten by the 10-time European champions over the past fortnight.
Wednesday's third/fourth-place play-off against either Bayern Munich or Milan represents Spurs' final fixture before their Premier League campaign kicks off with a trip to Manchester United on Saturday.
The early exchanges were wide open, with both sides spurning excellent chances to take the lead inside the first five minutes.
Kyle Walker got free down the right and put in a low ball for Erik Lamela, who could only shoot over on the stretch from eight yards.
Real's response was immediate, Jese Rodriguez thumping a drive against the crossbar before seeing his curling effort tipped superbly round the post by Michel Vorm.
The Spurs goalkeeper produced another fine save 10 minutes prior to the interval, scrambling across his line to claw the ball away after Modric's shot had taken a wicked deflection off Kevin Wimmer, but Tottenham's respite was brief as James nodded in Isco's left-wing delivery a minute later.
The opening to the second period was less eventful than the first, Spurs substitute Nacer Chadli bringing a low save out of Kiko Casilla with the first action of note on the hour mark.
But any Tottenham hopes of a comeback were extinguished late on thanks to a former White Hart Lane favourite. Bale cut out a square ball and drove forward, before unleashing a shot from 25 yards which bounced just in front of Vorm, who was unable to prevent it skipping up off the turf and into the top-left corner.