Palmer/Eastwood group buys
A group that includes Arnold
Palmer, Clint Eastwood and Peter Ueberroth agreed Thursday to buy the Pebble
Beach golf course in California for $820 million, The Associated Press learned.
The group which Ueberroth,
a former baseball commissioner, put together also includes former United Airlines
chief executive Richard Ferris and General Electric Pensions.
A news conference was expected
later Thursday, but details of the agreement were confirmed to the AP by a participant
in the negotiations who spoke on the condition he not be identified.
Ueberroth's group becomes
the fourth owner of the Pebble Beach Co. this decade. Bank America is providing
Marvin Davis sold it in
1990 to Minoru Isutani for a price estimated at $850 million, and Isutani
sold it two years later to The Lone Cypress Co., a Japanese golf resort company,
for a price estimated at $500 million.
Bill Perocchi, formerly
involved with Ueberroth and Ferris in Doubletree Hotels, will become chief executive
officer of Pebble Beach.
The company's properties
in the Monterey area include four golf courses -- the Pebble Beach Golf Links,
Spyglass Hill Golf Course, The Links at Spanish Bay and Del Monte Golf Course
-- along with The Lodge at Pebble Beach and The Inn at Spanish Bay. It also owns
the 17-Mile Drive that winds through Pebble Beach and nearby Del Monte Forest
and plans to develop a new course and 300 homes.
The 99th U.S. Amateur will
be played at Pebble Beach and Spyglass Hill on Aug. 16-22.
Pebble Beach was host to
the U.S. Open in 1972, 1982 and 1992 and is scheduled to be host to the 100th
U.S. Open next summer.
Eastwood is a former mayor
of nearby Carmel, Calif.