Pebble Beach sold to Japanese again

February 20, 1992|By San Francisco Chronicle

SAN FRANCISCO -- Less than two years after Japanese real-estate developer Minoru Isutani paid $841 million for the Pebble Beach Co., lenders have forced the sale of the trophy California golf resort to another Tokyo-based partnership for about $500 million.

Pebble Beach is host to the AT&T tournament in February and is the site of the U.S. Open this June.

Sumitomo Bank arranged the sale by Isutani to the Lone Cypress Co., a holding company owned 75 percent by Taiheiyo Club Inc., owner of nine golf courses in Japan, and 25 percent by Sumitomo Credit Service Ltd.

Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.