OTHER NEWS - March 7, 1992

Sale of Pebble Beach Completed: Lone Cypress Co., a Japanese venture, has completed its purchase of Pebble Beach golf resort and related properties on the Monterey Peninsula. The deal, valued at an estimated $500 million, ends the controversial reign over the famed links by Minoru Isutani, a Japanese golf course developer whose hard-fought effort to sell private memberships in the course was beaten back by Monterey residents and the California Coastal Commission. Lone Cypress is owned by Taiheiyo Club, operator of many of Japan’s top courses, and Sumitomo Credit Service, Japan’s leading issuer of Visa cards. The company has said that it has no plans to sell memberships.