Some would say that only Mother Nature can claim Pebble Beach as her own, but the development along Northern California’s beautiful coastal strip represents more than 100 years of multi-million dollar moves and deals.
THE FOUR GREAT ORIGINALS (1880)
Through their Pacific Improvement Company (PIC), railroad tycoons Charles Crocker, Mark Hopkins, Collis Huntington, and Leeland Stanford opened the Del Monte Hotel, soon followed by 17-Mile Drive and Del Monte Golf Club .
THE DUKE OF DEL MONTE (1915)
PIC hires Samuel FB Morse to liquidate his land holdings. The following year, Morse convinced them to build another course near Stillwater Cove which would become Pebble Beach Golf Links.
PEBBLES AND BEYOND (1919)
Morse forms the Del Monte Properties Company and, for $1.34 million, acquires all of PIC’s interests. He then participated in the development of Cypress Point, Monterey Peninsula CC and Spyglass Hill, among other courses in the region. He is the main developer of the peninsula for the next 50 years.
MAY THE COURSE BE WITH YOU (1977)
Del Monte Properties Company reincorporated as Pebble Beach Corporation and a year later was acquired by 20th Century Fox for $81.5 million, using the profits from its Star Wars success. Fox reorganizes it and renames it Pebble Beach Company.
THE WILD PUSSY (1981)
Oil major (and, apparently, big Diana Ross fan) Marvin Davis, along with fundraiser Marc Rich, buys 20th Century Fox – including the Pebble Beach Company – for $722 million. A few years later, Davis sold his stake in the movie studio to Rupert Murdoch for $325 million, but he kept PBC.
PACIFIC OPENING (1990)
Japanese businessman Minuro Isutani, owner of Ben Hogan Properties, buys Pebble Beach Company from Davis for $841 million. He ran into financial problems almost immediately.
FIRE SALE (1992)
Two years later, Isutani takes a dip when he sells the company to Japan’s Taiheiyo Golf Club Inc./Lone Cypress Company for $500 million.
THE NEW BIG FOUR (1999)
A group including Clint Eastwood, Peter Ueberroth and Arnold Palmer buys PBC for $820 million. They are offering some investors minority shares at $2 million each. The value of these shares was recently estimated between 8 and 9 million dollars. PBC itself? Value between 3.2 and 3.7 billion dollars.