Pebble Beach owners have agreed to sell the golf resort
to a group of investors led by golfer Arnold Palmer, former
MLB Commissioner Peter Ueberroth and actor Clint Eastwood
for $820M, according to Sam Walker of the WALL STREET
JOURNAL. A source familiar with the deal said that it
includes a $450M loan from Bank of America and up to $270M
from the group's five lead investors, which also include
former United Airlines CEO Richard Ferris and the General
Electric Pension Trust. Additional financing will be
secured through the sale of at least $100M in preferred
stock. Ueberroth, who "spearheaded" the venture, said that
the group has no plans to change the resort or the public's
access to it. The deal "is expected" to close by the end of
July (WALL STREET JOURNAL, 6/18). The sale ends almost a
decade of ownership by Japanese golf resort company Taiheiyo
Club and credit card issuer Sumitomo Credit Services Co.
The transaction includes the Pebble Beach Golf Links and
three other nearby courses, two luxury hotels, the Lodge at
Pebble Beach and the Inn at Spanish Bay (L.A. TIMES, 6/18).
