September 10, 1988 |
After months of secrecy, Marukin Shoji Ltd., a Japanese real estate company, emerged Friday as the mysterious investor in the Riviera Country Club, the landmark 168-acre golf and tennis resort in Pacific Palisades. Noboru Watanabe, chairman of Marukin USA, signed a formal agreement to pay, as previously disclosed, $52.9 million for a 49% interest in Riviera Associates, a new partnership formed with Laaco Ltd., the club's current owner. Laaco will retain the majority stake in the new partnership.
February 24, 1994 |
Los Angeles Junior Chamber of Commerce Champions Foundation has passed along a $117,500 donation from Noboru Watanabe, president of the Riviera Country Club, to three nonprofit organizations: L.A.'
November 27, 1991 |
The members of Riviera Country Club in Pacific Palisades overwhelmingly favor the club staging the 1995 PGA Championship, according to a telephone survey by the club's management. Bill Masse, Riviera's general manager, said Tuesday that he will recommend to owner Noboru Watanabe that the club proceed with plans to hold the event, one of four major tournaments on the PGA Tour. "The results are very gratifying," Masse said.
September 8, 1989 |
The first time Noboru Watanabe played Riviera Country Club, he knew he had to belong. The initiation was reasonable--$108 million. But of course, that included carts and green fees. That's probably the most money ever paid to join a golf club but golfer Watanabe not only joined it, he bought it. The repercussions were seismic. The buyout evoked the typical responses to Japanese investment in America: "Who won the war, anyway?" "What's next, the White House?"
February 8, 1990 |
It was bad enough that unfamiliar Japanese investors bought the posh Riviera Country Club--an exclusive Pacific Palisades establishment steeped in traditions dating back to the Golden Era of Hollywood. But then came the announcement two months ago that the new owners would banish motorized carts from the sublime fairways of the Riviera's world-class golf course, requiring that they stay on paths.
November 26, 1991 |
In a seeming effort to appease its membership, Riviera Country Club in Pacific Palisades is reevaluating its decision to play host to the 1995 PGA Championship. A final decision is expected today. The Professional Golfers' Assn. announced in August that Riviera management signed a letter of intent to hold the event, which is considered by some to be the least prestigious of the four major golf tournaments.