September 15, 1966 story from the Half Moon Bay Review
“Atlantic Richfield Corp. has been negotiating for an option to buy 5,700 acres south of Pescadero to develop a planned community of vacation and “second” homes, it was revealed recently.
“Reportedly involved in the transaction would be the former Humphrey Ranch–about 5,000 acres—and 700 acres of the Frank Latta Ranch.
“According to published reports, the rumored total purchase, price is $6 million. None of the principals would confirm the figure.
[Image below: Frank Latta]
“Latta confirmed that the big oil company was ‘dickering for an option,’ but added that he was not optimistic about a sale because their price was too low.
“He pointed out Richfield was only one of the many firms interested in the property, and said that no further negotiation meetings were scheduled.
“According to a report contained in a Bay area newspaper, Richfield has already obtained options on both parcels of land, and must decide whether to buy them within 60 days.
“However, Latta said talks for an option on his property are still going on.
“The Humphrey property is owned by a Honolulu group. A representative from Hawaii was reportedly due in the Bay area last week to discuss a possible sale.
“Richfield spokesman Sherwood Chillingworth was quoted in Los Angeles as saying his company had retained two consulting firms to conduct engineering and economic studies of the land.
“He was quoted as saying the company has no plans for oil exploration on the property. If the purchase goes through, he aid, a ‘recreational type of community’ would be developed made up of weekend and summer homes.”