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.

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