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In page Samuel Finley Brown Morse:

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In 1916, Morse was made manager of the Pacific Improvement Company, in charge of liquidating many of their assets. He formed his own company, Del Monte Properties, in 1919, in order to acquire these assets. Funded by Herbert Fleishhacker, he bought 7,000 acres (28 km2) on the Monterey Coast including the Hotel Del Monte, Pacific Grove, Pebble Beach and the 11,000-acre (45 km2) Rancho Laureles, now the Carmel Valley Village, and the Monterey County Water Works, all for $1.34 million.[citation needed]